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Americans Hit $1 Million in Credit Card Debt

August 15, 2023 by Jeff Lewis

Data released last week by the Federal Reserve Bank of New York showed Americans have hit a new high, but not in a good way. Their credit card debt levels, for the first time ever, went over the $1 trillion mark. WRCR market analyst Ken Mahoney of Mahoney Asset Management in Chestnut Ridge says part of the problem, the interest rates are just too high…

According to CNN, credit card balances have gone up for five straight quarters, increasing at some of the largest rates in 20 years.

Filed Under: News

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