WalletHub analyzed Federal Reserve data released today and found that credit card debt hit $1.27 trillion in November 2023, which is 6% higher than last year, after adjusting for inflation.
WalletHub now projects that credit card debt rose by $101 billion in 2023.
In addition, you can find key takeaways from WalletHub’s latest Credit Card Debt Survey below.
- Debt Surge: 59% of Americans with credit card debt say they have more debt now than they did 12 months ago.
- Inflation Worries: 54% of Americans expect inflation to affect their credit card debt in 2024.
- Rate Reduction Plan: More than 4 in 5 people with credit card debt say they will try to lower the interest rate on their debt in 2024.
- Aiming for Debt Freedom: 84% of people with credit card debt say getting out of debt is one of their goals for 2024.
- Holiday Helper: 79% of Americans say their credit card was helpful during the holidays.
- Pointing Fingers: More than 1 in 4 Americans blame the economy for their credit card debt.
Full survey: 2024’s Credit Card Debt Survey
Bidenomics! From white house website, Biden on the topic, ” to change the economic direction of this country, to move trickle-down economics and get rid of it for everyone, from — the Wall Street Journal to the Financial Times called the program “Bidenomics.” I’m not sure they meant it as a compliment at the time. (Laughter.)
Our plan is working. And one of the things I’m proudest of is that it’s working everywhere, not just on the coasts and big cities, like previous recoveries” These politicians are so out of touch.
they are not out of touch, they know exactly what they are doing. Taking your power away so you are dependent is the long game. In their eyes the middle class grew too big and now has power “you can’t have that”.
I’d be willing to bet that the majority of people overextended on their credit cards are buying “wants” not “needs”. So they should blame themselves. Guess what we don’t need the latest and greatest of everything!
create a false economy with cheap disposable foreign junk and market it to you like you have to have it…. long game, separating you from your wealth.
Not capitalism simply profiteering at your expense creating addiction.
This current administration is set on destroying America.So far they have done an excellent job.Its time to open your eyes no matter what political party you are and make a change for the better.Look at history over the last few years if you can’t see what has happened you need help.
I hate to say it but at present anyway people will not open their eyes and see what is happening around them. Very few people are even near ready to put their political party affiliations aside and actually vote in ways that are in their own best interests.
The “us against them” mentality reigns supreme right now. The powers that be and the media want us to hate one another. They want us to focus on that rather than what is actually going on.
@JPRCARDS ~
Good Post!!
Makes sense. Only 35% of people pay their balance in full every month. Is it any wonder we can’t get Congress to control their spending when we can’t control our own? High consumer and government debt levels are not a way to build up long term wealth of country. The bill will eventually come due.
Pay your debts, deadbeats!
Sincerely,
Everyone who did not take out student loans or rack up medical bills and credit card debt
You sound like you listen to Dave Ramsey! I do and although I don’t follow his teachings 100 percent, I follow some of it. I pay off my credit cards every month. I don’t use credt cards much, except my Macy’s, that is the only way I get my employee discount. I have 3 other credit cards, one is Amazon visa, I only use it when I order something from Amazon, and like my Macy’s it gets paid off every month. I order from Amazon probably less than 10 times a year.
Racking up medical bills is really not a choice for most. Hopefully most have insurance that will cover majority of medical expenses.
Nowhere is it saying that the folks with credit debt are deadbeats. Like I say below the situation has changed from “normal”. Most would love to pay off their credit balances. Seems like a lot of folks here are “wooden conservatives”. You do understand there are a lot of problems and dangers with carrying a lot of cash around too? Maybe you say take on another job? When was the last time you interviewed for a job? Times have changed. And BTW a lot of folks here won’t take a job if they have to be vaxxed or even wear a mask at work.
It is the responsibility of the current administration to make to the best of their ability that everyone has a chance of surviving in this country. But this does not seem to be the case the Biden administration. They waste billions on wars of empire and military industrial profits. A lot of people in this country could have been helped out with that money.
People do what they have to do. Some have to live on their credit cards until a better opportunity arises. This situation wasn’t really there much until the “plannedemic” arose. An unlivable economic environment has been created on purpose to bring the public to it’s knees. Don’t let them do this to us. Don’t roll over and play dead. Don’t let them turn the US into New Venezuela which they seem to be moving towards.
Those that are unwilling to at least try not to use credit cards for everything and try not to just make payments while what is owed goes up will not have better control anyhow. But the article does say some are willing to try to get out from under.
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I never carry credit card debt. Having credit is for my convenience, not the banks’ money-making scheme.
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Debt is a losing battle unless you pay it off.
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Neither a borrower nor a lender be,
Do not forget…..
Stay out of debt!
Think twice, and take this good advice from me,
Guard that old solvency.
There’s just one other thing you ought to do…
To thine own self be true!
Harold Hecuba
This might be the first time I have seen an indirect reference to Gilligan’s Island on this board.
Harold Hecuba and the musical Hamlet.
You missed the Ginger or Mary Ann debate?
Debt, like any addiction, will eat your life. Gotta be actively managed, like you’re mad at it. Gotta have credit though, if you travel or buy stuff online.