Life and Debt: Why Credit Card Debt Is At A Historic High
Credit cards seem like a great deal. But interest rates, late fees, and the cycle of debt can come back to bite cardholders.
Nearly half of U.S. credit card owners had an average of more than $5,200 in outstanding debt in 2022.
Credit card debt overall is at a historic high. In the last three months of 2022, credit card balances in the U.S. rose from $61 billion to nearly $990 billion according to the Federal Reserve Bank in New York. It's likely to surpass $1 trillion this year.
We discuss why credit card debt is so high and what cardholders can do to break the cycle of debt.
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Nearly half of U.S. credit card owners had an average of more than $5,200 in outstanding debt in 2022.
Credit card debt overall is at a historic high. In the last three months of 2022, credit card balances in the U.S. rose from $61 billion to nearly $990 billion according to the Federal Reserve Bank in New York. It's likely to surpass $1 trillion this year.
We discuss why credit card debt is so high and what cardholders can do to break the cycle of debt.
Want to support 1A? Give to your local public radio station and subscribe to this podcast. Have questions? Find out how to connect with us by visiting our website.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
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