22 August 2023
Credit card interest rates are near 40-year highs, leading to Americans accumulating record amounts of debt, J.D. Power’s survey suggests. Data reveals Americans have amassed over $1 trillion in credit card debt for the first time, as reported by both the Federal Reserve Bank of St. Louis and the Federal Reserve Bank of New York. Furthermore, FICO discloses the average credit card balance in June increased by 6.5% from the previous year, standing at $2,573. Alarmingly, there’s a 42.6% surge in accounts overdue by one cycle over the past two years, reaching its peak since September 2017.