On November 10, local time, the latest household debt report released by the US Federal Reserve Bank of New York shows that in the third quarter of this year, total US credit card debt increased by 22 billion US dollars, reaching a record 1.29 trillion US dollars, an increase of 4.2% over the previous year. Researchers at the New York Federal Reserve said that with high inflation and rising borrowing costs, the financial pressure faced by consumers continues to increase, and the difficulties of repayment for borrowers with low incomes and low credit scores are particularly prominent. According to the data, the average interest rate for new credit cards issued in the US is about 24%, and credit cards are still one of the more expensive forms of borrowing.
Zhitongcaijing · 1d ago
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On November 10, local time, the latest household debt report released by the US Federal Reserve Bank of New York shows that in the third quarter of this year, total US credit card debt increased by 22 billion US dollars, reaching a record 1.29 trillion US dollars, an increase of 4.2% over the previous year. Researchers at the New York Federal Reserve said that with high inflation and rising borrowing costs, the financial pressure faced by consumers continues to increase, and the difficulties of repayment for borrowers with low incomes and low credit scores are particularly prominent. According to the data, the average interest rate for new credit cards issued in the US is about 24%, and credit cards are still one of the more expensive forms of borrowing.
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