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 Silver's Potential: Is It Time to Invest Before the Catch-Up? READ MORE Oil Prices Climb as Middle East Tensions Escalate Before OPEC+ Meeting READ MORE Rising Tide of Global Debt Set to Elevate Yields, Predicts Goldman Sachs READ MORE Fed's Kashkari Stresses Need for Significant Inflation Progress Before Rate Cuts READ MORE Investors Flock to Safe Havens After Trump Assassination Attempt READ MORE Add a Comment Cancel replyYour email address will not be published.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