American credit card debt reaches a record $1.21 trillion, up 7.3% from last year.

Americans' credit card debt hit a record $1.21 trillion, up 7.3% from last year, with a $45 billion rise in the fourth quarter due to holiday spending. Despite high interest rates, consumer spending remains strong. Experts attribute the rise to inflation shrinking Americans' financial margins, making credit cards a necessary but costly option.

5 weeks ago
21 Articles