Credit Card Debt Climbs: 56 Million Americans in Prolonged Debt Amid Economic Pressures The credit card debt situation in the U.S. is becoming increasingly concerning, with a record $1.08 trillion in balances as reported by the Federal Reserve Bank of New York. Ted Rossman, a senior analyst at Bankrate, highlights a staggering 40% rise in credit card balances over the past two years. Notably, nearly half of all cardholders are now carrying their debt month-to-month, a significant increase from last year. This shift indicates growing financial strain, as 56 million Americans have been in credit card debt for over a year. Factors contributing to this trend include inflation, higher borrowing costs, and possibly shifts in lending practices. The Fed researchers suggest that this could be a sign of deeper economic distress. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Fed Minutes Hint at Monetary Policy Shift This Friday READ MORE Raw Material Stocks Climb Amid Fed Speculation READ MORE Gold and Bitcoin Surge: Signals Time for a New Gold Standard? READ MORE How Gen Z's Interest in Gold is Shaping the Market READ MORE Turkish Markets Rally as Inflation Shows First Signs of Cooling READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment