Credit Card Debt Is at an All-Time High, Study Shows

Credit Card Debt , Is at an All-Time High, Study Shows.

According to the most recent quarterly TransUnion report, credit card debt in America hit a record $930.6 billion by the end of 2022.

The average credit card balance increased to $5,805.

CNBC reports that a study by WalletHub indicates that households are reaching a "breaking point." .

They're incurring too much debt in an attempt to stay afloat amid these increasingly expensive times.

It’s when people won’t be able to keep up with their bills.

We’re inching closer and closer to that breaking point, Jill Gonzalez, an analyst at WalletHub, via CNBC.

The increase in delinquencies is something to watch, Michele Raneri, vice president of U.S. research and consulting at TransUnion, via CNBC.

If unemployment goes up, and we see a spike in delinquencies, then that indicates a longer-term problem, Michele Raneri, vice president of U.S. research and consulting at TransUnion, via CNBC.

According to the U.S. Labor Department's newest Job Openings and Labor Turnover Survey.

There are still currently more jobs than there are workers in the United States.

According to WalletHub, if the Federal Reserve implements another half-point increase for its benchmark interest rate.

Credit card borrowers will be hit with another $3.4 billion in interest over the next year