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According to an announcement made by the Federal Reserve Bank of New York on February 16, 2023, credit card debt has surged to roughly $1 trillion.
Credit card balances grew by north of $60 billion over the last three months of 2022, bringing the total amount of United States credit card debt to an all-time high of $986 billion.
This surge in credit card balances has taken place at a time when there are increases in the interest rates paid on this debt, which have placed tremendous pressures on households that are already coping with mass inflation.
The average credit card interest rate in the US in the last three months hovered around 21.6%, per a report by WalletHub. This marked a significant increase from the 18% interest rate in 2021. The Federal Reserve’s recent set of interest rate hikes has caused the increase in credit card rates.
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