_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 mama bank 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
_new-food-bank-haul-with-meal-whipping-up-some-tasty-sliders.webp "Mama Baird's")
_why-more-us-banks-could-collapse.webp "Silicon Valley Bank, Signature Bank, and First Republic are among the largest bank failures in US history. But more banks could fail, according to Fed chair Jerome Powell.")
_food-bank-haul-with-meal-10-29-23-gooey-bacon-cheddar-burgers.webp "Mama Baird's")
_mama-bank-the-womens-micro-bank-in-papua-new-guinea.webp "UN Capital Development Fund")
_bonus-food-bank-haulfoodbankhaul-foodpantryhaul-foodbanks-foodbank.webp "Mama to All_Homestead")
_going-to-food-banks-when-and-why-i-started.webp "Mama Baird's")
_why-more-us-banks-could-collapse.webp "Silicon Valley Bank, Signature Bank, and First Republic are among the largest bank failures in US history. But more banks could fail, according to Fed chair Jerome Powell.")
_food-bank-haul-4-20-23-receiving-50-pounds-of-what.webp "Mama Baird's")
_new-food-bank-haul-with-meal-whipping-up-some-tasty-sliders.jpg)
_why-more-us-banks-could-collapse.jpg)
_food-bank-haul-with-meal-10-29-23-gooey-bacon-cheddar-burgers.jpg)
_mama-bank-the-womens-micro-bank-in-papua-new-guinea.jpg)
_bonus-food-bank-haulfoodbankhaul-foodpantryhaul-foodbanks-foodbank.jpg)
_going-to-food-banks-when-and-why-i-started.jpg)
_why-more-us-banks-could-collapse.jpg)
_food-bank-haul-4-20-23-receiving-50-pounds-of-what.jpg)
![[+]](/images/menu.gif){kind=small}