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Credit Card Debt Surpasses 1 Trillion Dollars

12/21/23, 7:00 PM

Bill Meade


Federal Reserve Bank posts eye popping statistic as Americans surpass $1 trillion in credit card debt for the first time in the second quarter of 2023. Even more alarming is the cost of carrying credit card debt has also increased. Due to rising interest rates APR's have gone up 30% in the last year and a half, eating away at consumers' budgets and attempts to save. 60% of Americans report they are living paychecck to paycheck  and could not cover an extra $400 expense.

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