Credit Card Debt Setting Records
Credit card balances rose by $48 billion in the third quarter to a record high of $1.08 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. The $154 billion year-over-year gain in debt was the largest such increase since the beginning of the series in 1999. At the same time, the 90-day delinquency rate measure for credit cardholders increased to 5.78%, up from 3.69% a year earlier.
I have been thinking about student loan payments coming back into effect for millions of Americans and credit card debt growing faster than it ever has. I feel like we need some training in the US to teach all these people how to stop ruining their lives with debt.
I have mentioned this in the past in a couple posts but I have found that helping people out of credit card debt is easier than you think if you can get them on a plan and teach them how bad the debt really is. I have worked with 2 friends closely this year to begin eliminating their Credit card debt. Its a long slow proccess but they picked up the vision after I mapped and made it super easy to see all the fees they were paying. Most know they are paying fees but until they see it a few different ways in charts or numbers built our for a couple years they do not realize how much it is hurting their financial situation.
Christmas might not be as good as people think with all these bills pilling up. We all know what will probably happen though. The spending will just keep on going up. Nobody knows how to stop themselves.
I was also wondering what other countries have High Credit card debt. I found some data here. https://www.cardrates.com/advice/average-credit-card-debt-by-country/
The US is by far the worst. This is credit card debt by household.
How have you eliminated debt in the past?
Do you think the US will hit 2 trillion in credit card debt? I do not see it slowing down anytime soon. I hope I am wrong.
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I haven’t carried a balance on a credit card in decades now. I learned in my early 20’s what it can do. Paid it off and never carried a balance since. It’s been almost 30 years now.
I hope more will learn!
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To be fair though inflation has also risen and the dollar is more worthless than when the last report was taken. So in reality it's really not that bad
Inflation is high. I still feel for those trapping themselves in credit card debt.
Seems like a lot of countries want to be participating or practicing cashless policy
The US may hit 2trillion debt in credit card of they don't do things right now