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 Gold Hits New Heights, Eyes $2,200 Milestone Amid Rate Cut Speculation READ MORE Investors Eye Fed Minutes for Gold Price Guidance, as Precious Metal Surpasses $2,000 Mark READ MORE As Dollar Rises, China's Central Bank Continues Gold Buying Spree READ MORE The Looming Threat of Empty Office Buildings READ MORE Inflation Erodes Trust in Major Consumer Brands READ MORE Add a Comment Cancel replyYour email address will not be published.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