WalletHub analyzed Federal Reserve data released today and found that credit card debt hit $1.26 trillion in February 2024, which is 6% higher than last year after adjusting for inflation. With the average credit card APR up 8.17% versus last year, WalletHub now projects that credit card debt will increase by $120+ billion by the end of 2024. You can find other takeaways from WalletHub’s latest Credit Card Debt Survey below.
- Debt Crisis: 78% of Americans think credit card debt is out of control.
- Rising Debt Levels: 41% of Americans say they have more credit card debt now than they did 12 months ago.
- Year-End Projections: More than 1 in 5 people say they will have more credit card debt by the end of 2024.
- Debt-Induced Stress: Nearly 1 in 4 Americans are very stressed about their credit card debt.
- Economic Threat: Nearly 3 in 4 people think the current amount of credit card debt held by U.S. households is a threat to the economy.
- Forced Into Alternative Payments: Nearly 1 in 3 people have tried “buy now, pay later” loans because they can’t add more credit card debt.
- Desperate Measures: Nearly 1 in 5 Americans would go to jail for a year to get their credit card debt paid off.
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