Tim Robberts/GettyImages; Illustration by Hunter Newton/Bankrate
More credit cardholders are carrying card balances from month to month, a recent Bankrate credit card debt survey finds. In November 2023, 49 percent of cardholders fell into this credit card debt revolver category up from 39 percent in 2021 and 47 percent in July 2023.
This finding comes amid the legacy of high inflation, which has increasingly caused consumers to turn to their credit cards to make ends meet. Total credit card balances hit a high of $1.08 trillion in the third quarter of 2023, according to the Federal Reserve Bank of New York a figure that is up $48 billion over the quarter and $154 billion over the year. Interest on this debt is also increasing, with …
Read the full article at: https://www.bankrate.com/finance/credit-cards/credit-card-debt-survey/