U.S. Credit Card Debt Hits Record $1.14 Trillion U.S. consumer credit card debt has reached a record high of $1.14 trillion in the second quarter of 2024, according to the Federal Reserve Bank of New York. This represents a $27 billion increase from the first quarter and a 5.8% rise from the previous year. Delinquency rates have also increased, with 9.1% of cardholders in default. Rising inflation and interest rates have exacerbated the situation, with many Americans relying on credit cards to manage expenses. The average credit card interest rate has climbed to 24.84%, contributing to prolonged debt burdens. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Record-Breaking Value: Paris Olympic Gold Medals Worth $900 READ MORE Incrementum: Monthly Gold Compass February 2024 READ MORE Inflation's Persistence Creates Dilemma for Federal Reserve READ MORE Unemployment Claims Reach 10-Month Peak as Economy Slows READ MORE ECB Poised for June Rate Cut to Stay Ahead of Inflation Curve READ MORE Add a Comment Cancel replyYour email address will not be published.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