Credit card debt surges in U.S. as high interest rates make it harder to pay off
Summary
Americans now owe over a trillion dollars in credit card debt, which has increased by 60% in the last five years. Higher interest rates are making it harder for people to pay off their debts, leading to more late credit card payments.Key Facts
- Total credit card debt in the U.S. is more than one trillion dollars.
- Credit card debt has grown by 60% compared to five years ago.
- Rising interest rates increase the cost of carrying credit card debt.
- Higher costs make it harder for people to pay down what they owe.
- Late or missed credit card payments, called delinquencies, are increasing.
- The article was explained by economics correspondent Paul Solman.
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