How America Racked Up A $1 Trillion Credit Card Bill
Americans have accumulated a record-breaking $1 trillion in credit card debt.
This comes as the Federal Reserve's interest rate hikes have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average.
"Even if you're working and your wages are up, your rent costs more, your groceries cost more, your gas costs more, everything costs more," said Tedd Rossman, senior industry analyst at Bankrate.com. "So people don't feel like they're getting ahead."
Despite rising costs and higher borrowing rates, a record number of consumers shopped over the Thanksgiving holiday weekend. The National Retail Federation found that more than 200 million consumers hit the stores that weekend, a few more million than the 196.7 million shoppers who turned out in 2022.
However, big box retailers like Macy's and Nordstrom have issued warnings about a slowdown in repayments on their credit cards over the summer, highlighting a potential risk to retail revenue this holiday season. The resilience of the American consumer will continue to be tested by the still-rising costs of groceries, gas and housing. And, not to mention, the return of student debt payments.
Watch the video above to find out more about how Americans' credit card debt ballooned past the $1 trillion threshold, and whether U.S. consumers can keep spending enough to keep a looming recession at bay.
-
3:30:25
Akademiks
6 hours agoHappy. Birthday Kendrick Lamar. Kodak Black robbed Stevewilldoit? Sosa Returns to CHIRAQ. Carti OTW?
61.7K16 -
1:22:53
Steve-O's Wild Ride! Podcast
4 days ago $0.28 earnedDoes Gene Simmons Regret Humping Thousands Of Chicks? - Wild Ride #219
20.6K29 -
33:55
Athlete & Artist Show
3 days agoS4E6: OILERS ARE DONZO, Boychuk Re-Signs In Berlin
23K3 -
1:59:38
Kim Iversen
9 hours agoIs The US Gearing Up For WW3? Possible Ebola 2014 Lab Leak Cover-Up Linked To Possible Covid Lab Leak Cover Up
85.4K183 -
32:18
Candace Owens
7 hours agoSo...Is Brigitte Macron A Man? | Candace Ep 6
34.8K100 -
43:47
Man in America
9 hours agoALERT: Putin's Plan BACKFIRES as WW3 Economic War Intensifies w/ Dr. Kirk Elliott
49.8K10 -
20:41
Exploring With Nug
1 day ago $0.43 earned2 Missing Teenagers Found 20 Years Later In The Town River!
36.1K22 -
1:46:12
Fresh and Fit
11 hours agoViva Frei Meets Fresh&Fit
73.2K26 -
54:42
LFA TV
21 hours agoThe Fascinating Story of How Donald Trump Didn’t Remember the Author of ‘Ladies Who Punch’ | Trumpet Daily 6.17.24 9pm EST
49.9K35 -
4:50
Guns & Gadgets 2nd Amendment News
11 hours agoWOW! Hunter Biden Now Poised To Overturn Unconstitutional Federal Gun Law
35.4K17