Guest Post by Martin Armstrong
Credit card balances in the US have surpassed $1 trillion for the first time, with balances up almost 20% from a year ago. The Federal Reserve Bank of New York reported that total credit card debt stood at $986 billion in the first quarter of 2023, unchanged from the record hit at the end of 2022. The average credit card interest rate offered in the US over the last three months of 2022 stood at 21.6%, according to WalletHub, a jump from about 18% a year prior. Americans are now tapping into their retirement funds to make ends meet.
Continue reading “Americans Tapping into 401Ks amid Private Debt Crisis”
