• Mon. Mar 4th, 2024

Unprecedented Credit Card Debt: How the Pandemic has Crippled Americans’ Financial Stability

ByEditor

Feb 11, 2024
Historic credit card debt looms over Americans

Americans who had no savings before the pandemic are now facing financial stress as inflation, rising interest rates, and the end of pandemic-related aid have led to historic credit card debt. In the third quarter of 2023, Americans accumulated over $1.05 trillion on their credit cards, with the average interest rate at around 21.5 percent, the highest since the Federal Reserve began monitoring credit card rates in 1994. A recent report from credit rating company Moody’s revealed that current credit card delinquencies far exceed 2019 levels.

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