In this assignment, I will be writing about American credit card debt and how it has changed over the past few years.

American credit card debt has been rising over the past 25 or so years, since tracking began in 1999. half of credit card owners have debt on their cards! Over half of all credit card owners pay off their balance every month. These people enjoy no interest rates. But for the other half of credit card owners who have debt on their cards, they can become trapped, drowning in the high interest rates.

According to lendingtree.com, the total credit card balance of all the cardholders in the U.S. is $1.166 trillion dollars! (This was in august of 2024, so the total may be higher now.) Credit card interest rates are rising too, and are currently around 20.15%.

If you can’t pay off your credit card balance every month, stop and reconsider: Is owning a credit card or that particular credit card helping you or hurting you more?

In summary, American credit card debt has been rising and it is becoming harder to stay out of the trap of high interest rates.

See PF Lesson 55 Assignment for more information on credit card interest rates.

References:

https://washingtonstatestandard.com/2024/08/26/us-credit-card-debt-continues-to-rise-as-housing-and-other-costs-remain-high-for-the-lowest-earners/

https://www.lendingtree.com/credit-cards/study/credit-card-debt-statistics