Credit card debt hits record high as Americans struggle with cost-of-living
GlobeAlert Desk · curated from Axios · North America
Federal Reserve Bank of New York; Note: Not adjusted for inflation; Chart: Axios VisualsAmericans' credit card balances hit a record $1.29 trillion in the third quarter, according to a new report released by the Federal Reserve Bank of New York. Why it matters: Falling behind on credit card payments can trap struggling households in a cycle of fees, damaged credit and increasingly expensive borrowing. The latest figures show that financial pain is concentrated in lower-income communities, even as delinquency rates improve nationally.By the numbers: Consumer credit card balances rose by $22 bil
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