WASHINGTON–Consumer credit card debt hit $1.27-trillion in November of 2023, which is 6% higher than 2022 after adjusting for inflation, according to an analysis of Federal Reserve data by WalletHub.
WalletHub is projecting credit card debt rose by $101 billion in 2023, according to its new Credit Card Debt Survey.
Among the key findings:
- Debt Surge: 59% of Americans with credit card debt say they have more debt now than they did 12 months ago.
- Inflation Worries. 54% of Americans expect inflation to affect their credit card debt in 2024.
- Rate Reduction Plan: More than four in five people with credit card debt say they will try to lower the interest rate on their debt in 2024.
- Aiming for Debt Freedom: 84% of people with credit card debt say getting out of debt is one of their goals for 2024.
- Holiday Helper: 79% of Americans say their credit card was helpful during the holidays.
- Pointing Fingers: More than one in four Americans blame the economy for their credit card debt.
For info: 2024’s Credit Card Debt Survey
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