US Credit Card Debt Record High: New York Fed | Business Matters (Sept. 24)

Americans have been “putting it on plastic”—and it’s adding up. Credit card debt in the U.S. has reached a record high of more than $1 trillion. This is based on data from the Federal Reserve Bank of New York. Experian data from this time last year showed that the average American has about $6,500 in credit card debt. With an average credit card interest rate of around 21.5 percent—reported in May—monthly interest rate payments are now more than $100.