_american-credit-card-debt-surpasses-361-trillion-as-young-adults-struggle-to-cover-costs-of-housing-student-loans.jpg "American Credit Card Debt Surpasses $1 Trillion, as Young Adults Struggle to Cover Costs of Housing, Student Loans from ama store card online payment Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 0:40
👁 View: 1.7M times
✓ Published: 17-May-2024
👁 View: 1.7M times
✓ Published: 17-May-2024
Description:
Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve Bank of New York reported Tuesday. The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous year. More borrowers are falling behind on credit card payments, with less than 9% of balances transitioning to delinquency. Serious delinquencies past 90 days reached their highest level since 2010. Younger adults have taken on more debt to cover the rising rent costs, student loans, and auto loans. Credit cards charging an average of 20% interest are typically the most expensive debt.
Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve Bank of New York reported Tuesday. The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous year. More borrowers are falling behind on credit card payments, with less than 9% of balances transitioning to delinquency. Serious delinquencies past 90 days reached their highest level since 2010. Younger adults have taken on more debt to cover the rising rent costs, student loans, and auto loans. Credit cards charging an average of 20% interest are typically the most expensive debt.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_how-to-add-amazon-store-card-to-account-manage-your-amazon-store-card-account.webp "The Savvy Professor")
⏲ 2 minutes 41 seconds 👁 4.8K
_how-to-add-a-new-payment-method-in-amazon-store-card.webp "Northville Tech")
_germany-limits-cash-benefit-payments-for-asylum-seekers-as-migration-numbers-increase.webp "The new rule issues migrants a benefit card for local use, limiting cash withdrawals and banning international transfers.")
_how-to-use-amazon-store-card.webp "MrOctopus")
_gen-z-has-a-credit-card-problem.webp "TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Gen Z has a credit card problem.")
_how-to-add-amazon-store-card-to-account-2024.webp "Yalan App")
_how-to-update-payment-method-on-amazon.webp "The Stuff I Use Channel")
_future-of-finance-2024-crypto-in-a-post-etf-world.webp "Dave LaValle, Senior Managing Director, Global Head of ETFs, Grayscale Investments Pegah Soltani, Head of Payments Products, Ripple Brett Tejpaul, Head, Institutional, Coinbase Moderator: Jeff John Roberts, Fortune")
_how-to-add-amazon-store-card-to-account-manage-your-amazon-store-card-account.jpg)
_how-to-add-a-new-payment-method-in-amazon-store-card.jpg)
_germany-limits-cash-benefit-payments-for-asylum-seekers-as-migration-numbers-increase.jpg)
_how-to-use-amazon-store-card.jpg)
_gen-z-has-a-credit-card-problem.jpg)
_how-to-add-amazon-store-card-to-account-2024.jpg)
_how-to-update-payment-method-on-amazon.jpg)
_future-of-finance-2024-crypto-in-a-post-etf-world.jpg)
![[+]](/images/menu.gif){kind=small}