HomeFinance NewsPersonal financeDebt Disaster: Credit Card Balances Soar to Record High, Leaving Consumers Drowning

Debt Disaster: Credit Card Balances Soar to Record High, Leaving Consumers Drowning


Average credit card balances jump 10% to a record $6,360, and more consumers fall behind on payments


Americans continue to rack up record-breaking credit card debt and are struggling to keep up with payments.

The average credit card balance reached $6,360, and the total debt hit $1.13 trillion, marking an all-time high in the latest quarter.

Consumers are leaning heavily on credit cards amid inflation and ongoing financial strain, leading to increased delinquencies.

Experts suggest paying the credit card balance in full each month to avoid interest charges.

Options like 0% balance transfer cards and lower-interest personal loans can help manage credit card debt.

  • Overall sentiment: negative
  • Positive

    “Cardholders who pay their bill in full every month reap the benefits of cash back and travel rewards without paying interest.”


    “The average credit card balance is now $6,360, an all-time high, a new report by TransUnion found.”

    “Total credit card debt also reached a record $1.13 trillion in the latest quarter, the Federal Reserve Bank of New York reported Tuesday.”

    “As consumers increasingly lean on their credit cards, more borrowers are also struggling with their payments, both reports show.”

    “Credit card delinquencies surged more than 50% in 2023, the New York Fed reported.”

    “According to TransUnion’s research, “serious delinquencies,” or those 90 days or more past due, reached the highest level since 2009.”

    “In that case, credit cards are one of the most expensive ways to borrow money.”

    “The average credit card charges a record high 20.74%, according to Bankrate.”

latest articles

explore more