TICKING TIME BOMB | Inflation Up - Credit Card Debt Up - Economic Collapse

1 year ago
38

64% of Americans live paycheck to paycheck in addition, credit card debt has hit all-time highs.
This is an unsustainable economic truth - A ticking time bomb | inflation up - credit card debt up - Economic collapse

â–¶ NOTES

At the end of 2022, total credit card debt hit a record $930.6 billion, a 18.5% spike from a year earlier, according to the latest report by TransUnion.

The average balance rose to $5,805 over that same period, TransUnion found.

From month to month, credit cards are one of the most expensive ways to borrow money. Card credit card annual percentage rates now stand near 20%, on average, also an all-time high.

At nearly 20%, if you made minimum payments toward this average credit card balance, it would take you more than 17 years to pay off the debt and cost you more than $8,213 in interest, Bankrate calculated.

Still, many Americans continue to take on ever-increasing amounts of borrowing. And as credit card balances creep higher, Americans’ confidence in their ability to pay their bills declines.

Read more - https://www.cnbc.com/2023/02/13/borrowers-are-missing-the-best-way-to-pay-down-credit-card-debt-.html

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#paychecktopaycheck #economiccollapse #costofliving

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