NEW YORK—A growing number of Americans are maxed out on their credit cards, new data show.
According to the new numbers from the New York Federal Reserve, nearly one-fifth of credit-card borrowers were using at least 90% of their available credit in the first quarter of 2024.
The New York Fed called attention to America’s “maxed-out borrowers” in a recent report, USA Today noted in its reporting.
“Credit card balances, and attendant delinquencies, have been rising steadily since late 2021, a sharp reversal from the historic lows recorded at the pandemic’s peak. Delinquencies have risen past pre-pandemic levels,” USA Today stated, citing Fed data.
According to the New York Fed, “This makes sense, since using practically all of your available credit could indicate a tight cash-flow situation.”
More All-Time Highs
The nation’s collective credit card balance stands at $1.12 trillion, near a record high, the Fed reported. The average card carries an interest rate of 21.6%, an all-time high. The average card balance was $6,360, another all-time high, at the end of 2023, according to TransUnion, USA Today noted.
How to Sign Up For the Best Daily News Email in Credit Unions? (It’s Free!)
Every workday CUToday.info delivers the most comprehensive, freshest daily newsletter with the day’s news headlines, including links to the related articles. The Fresh Today newsletter is the most timely, relevant and widely-read source of news and information in the CU community. And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties,
And did we mention it’s free?