The US Credit Card Debt Reaches an All-Time High of $990 Billion
The Federal Reserve Reports a 14% Increase in Credit Card Debt
According to the Federal Reserve, America’s credit card debt has hit an all-time high of $990 billion. This marks a 14% increase from the same period a year earlier. Many consumers have turned to credit cards due to inflation and rising prices.
Average Credit Card Debt for Americans
On average, Americans have about $5,730 in credit card debt. However, people aged 40 to 49 have the highest debt, with about $7,600 per person.
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Credit Card Debt for Different Age Groups
The debt is lowest for those aged 18 to 29, with $2,900 per person. However, it is important to note that this age group may have fewer credit cards and less credit history compared to older age groups.
