Record High Credit Card Debt Strains American Finances Amid Inflation A growing segment of Americans, particularly those in lower- and middle-income brackets, have depleted their savings and accrued substantial credit card debt due to persistent inflation over the last two years. This financial strain is exacerbated for those also juggling student loan repayments, raising concerns about worsening financial health. Credit card debt in the U.S. reached a record high of over $1.05 trillion in the third quarter of 2023, with expectations for further increases. Moody’s has reported rising delinquency and charge-off rates, indicating a significant number of Americans are struggling to manage their debt, with rates surpassing those seen in 2019 and projected to continue rising. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. Labor Market Defies Expectations with Lower than Expected Jobless Claims READ MORE Stacking Gold Bars in BullionStar’s Vault READ MORE JP Morgan Gold Traders Contempt for the Law, Plan to Appeal their Convictions READ MORE China's Iron Ore Imports Defy Steel Industry Slowdown READ MORE Fed's Rate Hikes Propel Global Shift Away from U.S. Dollar, Says Atlantic Council READ MORE Add a Comment Cancel replyYour email address will not be published.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