Americans Pile On Card Debt

It's Benzinga, bringing Wall Street to Main Street. Americans are increasingly relying on credit cards as financial pressures mount, according to CNBC. Credit card balances rose $22 billion in the third quarter to a record $1.29 trillion, according to the Federal Reserve Bank of New York. Balances increased 4.2% year over year. Total household debt climbed $334 billion to a record $19.1 trillion. $1 billion. A separate TransUnion report found the average credit card balance rose 2.4% to $6,678. The number of credit card holders increased 2% to 178 million. New credit card offers carry an average interest rate of nearly 24%, according to LendingTree. New York Fed researchers said borrowers with lower incomes and credit scores are showing higher levels of financial distress amid persistent inflation and rising borrowing costs. For all things money, visit Benzinga.com.