Money

 

 WalletHub analyzed Federal Reserve data  and found that credit card debt hit a new record high of $1.30 trillion in August 2024 but is actually $99 billion below the record from 2007. With the average credit card APR remaining quite high despite the Fed's recent rate cut, WalletHub projects that credit card debt will increase by $100 billion by the end of 2024.

• Very Stressed Over Debt: 35% of Americans are very stressed about their credit card debt.
   
• Costly Mixture: 62% of people charge everyday purchases to credit cards they carry debt on (so every purchase accrues interest).
   
• Can’t Afford Savings: Nearly 1 in 3 people say they can’t afford to save money right now.
   
• Non-Essential Debt: 1 in 5 Americans say that most of their debt comes from nice-to-have expenses, rather than necessities.
   
• BNPL Loan Worries: More than half of Americans are worried about “buy now, pay later” loans showing up in their credit report.
   
• Recession Concerns: 35% of Americans think the economy will go into a recession before they pay off their credit card debt.