21
submitted 1 year ago* (last edited 1 year ago) by deconstruct@lemmy.world to c/personalfinance@lemmy.ml

Americans’ credit card balances rose briskly in the second quarter, hitting a sobering milestone of more than $1 trillion, the Federal Reserve Bank of New York reported this month. Credit cards are the most prevalent type of household debt, New York Fed researchers wrote in a blog post, and saw the biggest increase of all debt types. More than two-thirds of Americans had a credit card in the second quarter, up from 59 percent roughly a decade earlier, the researchers found. And, they noted, card balances were more than 16 percent higher in the second three months of this year compared with a year earlier.

Alternate: https://archive.ph/5bdz1 (NYT)

Alternate: https://www.forbes.com/advisor/credit-cards/credit-card-debt-hits-new-high/

top 4 comments
sorted by: hot top controversial new old
[-] MadBabs@lemmy.world 10 points 1 year ago

Love being part of something bigger than myself.

[-] TheWoozy@lemmy.world 1 points 1 year ago

It's funny how these articles always ignore the effect of inflation when it makes the headline worse.

This is fine.

In case anyone is looking to get out of debt, consider the snowball or avalanche method for paying off debt, which will help you decide which order to pay off your debts.

Any debt repayment strategy will benefit greatly from budgeting, so find a method that works for you. This is a massive category and needs to be very personal since it's all about behavior, so what works for me probably won't work for you.

At least in the US, student loan payments will restart soon, so now is the perfect time to start that budget and start taking control of your debt.

this post was submitted on 19 Aug 2023
21 points (100.0% liked)

Personal Finance

3819 readers
2 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago
MODERATORS