Total credit card debt in the U.S. has reached a record high but people are putting less money toward paying it down.
Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report.
On an individual level, Americans carried credit card balances averaging $7,932 as of the end of 2023, per New York Life’s “Wealth Watch 2024” survey. That’s up from an average balance of $6,321 during the same time period in 2022.
While the majority of those in credit card debt are allocating the same or more money toward chipping away at their balances, nearly a quarter say they’re contributing less, per New York Life.
Debt holder…
Read the full article at: https://www.cnbc.com/2024/02/22/americans-with-debt-putting-less-money-toward-credit-card-payments.html