Credit card debt reached $1.03 trillion in the second quarter, up 4.6 per cent from $986 billion in the first quarter, according to a Lending Club survey. This is the highest level on record. This is reported by The Hill.
U.S. consumers’ credit card debt has reached a record high of more than $1 trillion. That’s about $5,000 of debt per credit card holder. At the same time, the average interest rate on credit cards is over 20%, the highest in history.
Surveys have shown that most Americans live from paycheck to paycheck and use credit cards to pay for everyday expenses. Credit card debt in April 2021 was $736 billion. That means it has increased by 36% in just two years.
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