Americans' credit card debt reached a record high, up 8% year-over-year, despite rate cuts.

Americans' credit card debt hit a record high, increasing $24 billion over three months, an 8% jump from last year, despite Federal Reserve interest rate cuts. Credit card interest rates remain near record highs at 20.35%, due to the Fed's benchmark rate still being high and credit card margins rising. Experts predict a gradual decrease in rates, but this could be slowed by inflation or higher delinquency rates.

November 14, 2024
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