Credit card debt marches higher as Americans continue to spend
Americans are increasingly turning to their credit cards to cover everyday expenses, with debt hitting a new record high at the end of September, according to a New York Federal Reserve report published Tuesday.
In the three-month period from July to September, total credit card debt surged to $1.08 trillion, an increase of $48 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003 and the eighth consecutive annual increase.
There was also an uptick in borrowers who are struggling with credit card, student and auto loan payments. As of September, about 3% of outstanding debt was in some stage of delinquency, up from the 2.7% recorded the previous quarter.
Credit Cards = Bankruptcy !!!
It will get worse. Pay cash while you can. Minimize dumb purchases. Don’t borrow unless you absolutely have to, then pay it back in full asap.
Bidenomics caused this and the dumb a$$ democrats still think biden it’s the greatest. How dumb can they get
“It’s Joe Biden’s fault I’m irresponsible with money!” Get a life.
What does old man Biden have to do with people spending and borrowing irresponsibly?
All thanks to sleepy uncle Joe.
Paying rent or a mortgage while try to buy food to survive is not being irresponsible 7:46 pm and 9:00 pm. Remember when gasoline was just over $2.00 a gallon just 3 short years ago? Obiden is responsible for the highest inflation rate in this country’s history. Try to twist that fact around and prove it wrong.
The struggle is very real, but using credit cards to buy what you can’t afford is not a rational solution. You can’t borrow your way out. The bills come due and they’re far higher than what you originally spent because of interest. Eventually you hit your credit limit and can’t borrow any more, and then what? The real solution has to be spending less or earning more. I know that can seem impossible but depending on credit cards is going to make things even worse! That’s just a fact.
7:46 and 9:00……………………It has everything to do with Obiden. He has caused inflation to be so bad that people just can’t make it on their paycheck to paycheck income anymore. People are using their retirement savings to buy food, gas, rent, electricity and all those frivelous and irresponsible things.