As credit card debt tops $1 trillion for the first time, ‘a huge test’ for cardholders is coming
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(Worthy News) – Collectively, Americans now owe more than $1 trillion on credit cards.
Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York.
Although delinquency rates are still low by historical standards, rising balances may present challenges for some borrowers going forward, particularly when student loan payments resume this fall, according to the New York Fed. [ Source (Read More…) ]
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