NEW YORK—The holidays are a “perilous time” for the nation’s credit card holders, one new report suggests.
“This year, the stakes feel higher than ever. America faces a crushing credit card burden. The nation’s collective card balance stands at a record $1.08 trillion, as of the end of September,” USA Today noted.
The average interest rate has hit 21%, the highest figure recorded by the Federal Reserve in nearly three decades of tracking, the report added.
“And now, the holidays are here,” USA Today stated. “The average holiday shopper expects to spend $1,652 this year, Deloitte reports, a bigger splurge than in any of the last three years. Much of the tab will go on cards. In an new CardRates.com survey, 38% of respondents said they plan to carry holiday credit card debt into the new year.”
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