Why US Credit Card Debt Now Tops $1 Trillion
RICHMOND, VA – Americans have hit a new high in credit card debt. The surge means their overall balance shot above $1 trillion for the first time.
While credit card balances are at historic highs, the New York Federal Reserve reports people are generally still paying their bills on time, at least for now. There are currently 70 million more credit card accounts open than before the pandemic, and it’s definitely making an impact on how families choose to spend.
The larger concern is credit cards are increasingly being used to pay down household bills.
Experts say that could be the reason why credit card debt for families nationwide is unprecedented at a record-setting $1 trillion.
Read the full story from CBN’s Hilary Powell: https://www2.cbn.com/news/us/why-us-credit-card-debt-now-tops-1-trillion
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