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Fifty-six million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says | CNBC

Fifty-six million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says | CNBC

Americans are relying more heavily on their credit cards than ever before, with card balances hitting a record high of $1.08 trillion, as the Federal Reserve Bank of New York reported. Over the past two years, credit card balances have surged by 40%. While many manage their credit card debt reasonably well, there are concerning trends at the household level. More people carry credit card debt from month to month, and fewer can pay off their balances in full.

According to Bankrate.com, 49% of credit card holders now carry debt from month to month, up from 46% the previous year. Fifty-six million cardholders have been in debt for at least a year. The challenging economic environment, inflation, and rising borrowing costs may contribute to these trends. The average credit card interest rate has soared to more than 20%, an all-time high driven by the Federal Reserve’s interest rate hikes.

If you only make minimum payments on an average credit card balance of $6,088, paying off the debt would take over 17 years, costing you more than $9,072 in interest. To combat this, financial experts recommend acknowledging your debt and interest rate, then exploring options like 0% balance transfer cards, which can help you get out of debt in less than two years if used wisely………..full-loaf-600x400-1-e1700879832480 Fifty-six million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says | CNBC[read more]

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Rising-Dough-e1700879911412 Fifty-six million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says | CNBCHow do rising credit card balances and interest rates impact the broader financial well-being of consumers?

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695cce1d3cee26fdf894c936683caa33?s=64&d=mm&r=g Fifty-six million Americans have been in credit card debt for at least a year. ‘We are seeing pockets of trouble,’ expert says | CNBC
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Mekayla Graham
1 month ago

The rising credit balances and interest rates impacts the well- being of consumers by making consumers borrowing more costly and can reign spending in favor of spending. Consumers are spending more money because of the high interest rates.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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Mekayla Graham
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Mekayla Graham
1 month ago

The rising credit balances and interest rates impacts the well- being of consumers by making consumers borrowing more costly and can reign spending in favor of spending. Consumers are spending more money because of the high interest rates.

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