Most Americans with card debt have not outlined a way to bring it down, a new report says. There are ways to get help.
As 2024 dawns, Americans credit card debt and late payments are rising, and card interest rates remain high, but many people lack a plan to pay down their debt. If your balances are ballooning, a New Years resolution to tackle them would be timely.
After clearing the $1 trillion mark last spring, credit card debt has continued to mount, rising 4.7 percent in the third quarter to $1.08 trillion, the Federal Reserve Bank of New York reported.
Card debt fell during the pandemic period of 2020-21 but rose as Americans turned to credit to cover expenses amid rising prices. Card debt is growing even as inflation cools and the job…
Read the full article at: https://www.nytimes.com/2024/01/12/business/credit-card-debt.html