American Credit Card Debt Continues To Soar
Credit card debt is in dangerous territory.
How dangerous?
Let’s put it this way: Our total plastic balance is very near recession level.
*** SPECIAL NOTE *** – If your credit cards, personal loans, or medical debts have become unmanageable and you owe over $20,000… then go here for debt relief. We can help!
American Debt – By The Numbers
America’s credit card tab currently stands at more than $15.24 trillion, according to the Federal Reserve Bank of New York’s latest U.S. household indebtedness report.
The new figure represents an increase of $268 billion, or 1.9 percent, in the third quarter of 2021. Still, credit card balances remain $123 billion lower than they had been at the end of 2019.
At the individual level, the average American borrower today has a balance of $5,313 and owns 3.1 credit cards, according to Experian’s most recent State of Credit survey.
The survey also highlights regional, generational and state-by-state average FICO scores.
Washington D.C., for instance, saw the highest spike in FICO scores, with an increase of 10 points, whereas North Dakota had the lowest. Baby boomers, those born between 1946 and 1964, remain the most credit-active consumers with their generation having the highest number of credit reports on file.
The Central Federal Reserve also tracks credit card debt but reports a different, higher pattern of growth.
Consumers are not paying off their debt fast enough, allowing interest to accumulate and keep them in debt.
The share of consumers who became 90 or more days delinquent on their outstanding credit card balances has also been rising since Q3 2016, according to the New York Fed.
Got Unmanageable Debt? We Can Help!
At Americor, we understand the unique financial challenges people are facing today.
As America’s trusted source for debt relief solutions, we aim to empower you with financial knowledge that can lead to informed decisions, whether it’s about savings, investments, or managing debt.
If your debt has become unmanageable and you have difficulty making your debt payments each month, then you should consider a FREE consultation call with one of our certified Debt Consultants, who can provide personalized debt relief advice tailored to your specific needs.
By taking proactive steps today, you can put an end to your financial stress and work towards a brighter financial future.
Remember, there is always hope for debt relief, and our team of experienced professionals are ready to guide you on your journey to regaining control of your finances.
For more information on Americor’s debt relief services, contact us today to see how we can help you eliminate your debts, and get on the fast-track to becoming completely debt-free!