NEW YORK—Americans have accumulated near-record levels of credit card debt over the past year as card companies have increased interest rates and fees.
The booming market is helping drive record banking industry profits but could become increasingly costly for consumers who don't pay off their bill every month or miss a payment, industry experts are suggesting.
JPMorgan Chase, the country's largest bank by assets, and Citigroup reported that credit card sales were up 10% and 5% respectively in the third quarter. Profits at Visa were up 17% in its most recent fiscal year, while Mastercard reported an 11% profit jump in its most recent quarter, The Washington Post reported.