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 Brooklyn Pawnshop Sees Surge in Gold Sales Amid Price Rally READ MORE How the Yen-Dollar Dance is Shaking Up Wall Street READ MORE Defying Conventional Thinking: Gold Gains Against Rising Rates and a Robust Dollar READ MORE Einhorn's Outlook: Few Federal Rate Cuts and a Strong Case for Gold READ MORE Goldman Sachs Reveals Record Hedge Fund Sell-Off in U.S. Equities READ MORE Add a Comment Cancel replyYour email address will not be published.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