The Rising Burden of Credit Card Debt: How Pandemic-Related Financial Stress Has Affected Americans’ Finances

Historic credit card debt looms over Americans

Americans who had no savings before the pandemic are now experiencing financial stress as inflation, rising interest rates, and the end of pandemic-related aid have led to historic credit card debt. According to experts, Americans accumulated over $1.05 trillion on their credit cards in the third quarter of 2023, with the average interest rate at around 21.5 percent, the highest since the Federal Reserve began monitoring credit card rates in 1994. A recent report from credit rating company Moody’s revealed that current credit card delinquencies far exceed 2019 levels.

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