Average consumer now carries $6,329 in credit card debt. 'People are stretched,' expert says.
Credit card debt is on the rise.
Credit card debt is on the rise.
Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.
The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industry insights report from TransUnion.
Credit card delinquency rates are also higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported.
Borrowers with revolving debt “are maxing out their credit cards,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, “that’s usually a pretty good indicator that people are stretched.”
Rating: 5