Americans have been “putting it on plastic” – and it is adding up. Credit card debt in the U-S has reached more than one-trillion-dollars. That is a record high. This is based on data from the Federal Reserve Bank of New York. Experian data from this time last year showed that the average American has about 65-hundred dollars in credit card debt. With an average credit card interest rate around 21-point-five-percent – reported in May – monthly interest rate payments are more than $100-dollars.
US Credit Card Debt Record High: New York Fed | Business Matters (September 24)
By Don Ma