Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Kremlin warns it ‘could end badly for everyone’...
GOP lawmaker pushes bill to punish cities that...
Israeli hostages reunited with families in emotional moments
Johnson warns US ‘barreling toward one of the...
Trump credits Iran nuclear strikes for kickstarting Israel-Hamas...
Senate set for new vote to end shutdown,...
Couple separated, kidnapped during Oct 7 Hamas attack...
Fetterman marks release of last living hostages: ‘The...
‘It took 3,000 years’: Trump heralds ‘golden age...
Cities that canceled Columbus Day could lose federal...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

‘People are stretched’: Average consumer now carries $6,329 in credit card debt

by admin August 9, 2024
August 9, 2024
‘People are stretched’: Average consumer now carries $6,329 in credit card debt

Credit card debt is on the rise.

Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.

The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industry insights report from TransUnion.

Credit card delinquency rates are also higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported.

Borrowers with revolving debt “are maxing out their credit cards,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, “that’s usually a pretty good indicator that people are stretched.”

“Credit card balances briefly fell in 2020 and early 2021 due to pandemic-related factors,” said Ted Rossman, Bankrate’s senior industry analyst, which included government-supplied stimulus checks and fewer opportunities for spending.

“But since early 2021, credit card balances have rocketed upward by 48%, fueled by a post-pandemic boom in services spending as well as high inflation and high interest rates,” he said.

Consumers have showed a remarkable willingness to splurge on travel and entertainment, a recent report by Bankrate also shows, to recapture the experiences they lost during the Covid years.

“Maybe people can reassess that now,” Raneri said.

The surge in “revenge spending” has now lasted several years, she added. “Maybe there is a way to position it that they can check off some of the things that they feel like they missed and get back to normal.”

Credit cards are one of the most expensive ways to borrow money. The average credit card charges more than 20% — near an all-time high.

“With credit card balances at an all-time high and the average credit card rate hovering near record territory, it’s more important than ever to pay down this debt as soon as possible,” Rossman said.

If you’re carrying a balance, try consolidating and paying off high-interest credit cards with a lower interest personal loan or switch to an interest-free balance transfer credit card, he advised.

This post appeared first on NBC NEWS

previous post
Boeing’s new outsider CEO Ortberg takes the helm, this time from the factory floor
next post
Why ‘wardrobing’ retail fraud soars in the summer

You may also like

Ben & Jerry’s co-founder resigns, claiming parent company...

September 18, 2025

Walmart boosts sales outlook as it says tariff...

August 22, 2025

Comcast and Harris Blitzer to build new NBA,...

January 14, 2025

Here’s why banks don’t want the CFPB to...

March 11, 2025

Argentine President Milei faces impeachment calls for promoting...

February 20, 2025

Trademark dispute emerges over Tiger Woods’ new logo

October 1, 2024

Tesla shares plunge 15%, steepest drop in five...

March 11, 2025

Armenian organized crime rings charged with stealing $83...

May 23, 2025

Judge tosses defamation suit against Fox News by...

July 24, 2024

Boeing delivers most airplanes since late 2023 after...

July 9, 2025

Recent Posts

  • Kremlin warns it ‘could end badly for everyone’ if US supplies Ukraine long-range missiles
  • GOP lawmaker pushes bill to punish cities that ditched Columbus Day after Trump proclamation
  • Israeli hostages reunited with families in emotional moments
  • Johnson warns US ‘barreling toward one of the longest shutdowns’ in history
  • Trump credits Iran nuclear strikes for kickstarting Israel-Hamas peace deal

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (938)
    • Investing (3,176)
    • Politics (3,891)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.