U.S Consumers debt on credit card rises $986  Billion.

                          U.S Consumers debt on credit card rises $986  Billion.

Credit Card Debt in America has been rising in 2023 and latest reports say that total balance of debt will mark to $1 Trillion .

According to Federal Reserve Bank in New York as the data released ,U.S consumers owe $ 986 Billion. Analyst at Bankrate says that compare to last year this is 17% sudden increase recording high.Financial experts says that high inflation has forced the households depend on credit cards covering the monthly expenses and this piles up the debt on cards.

 Senior analyst Tedd Rossman at Bankrate said that "Recording with high interest rates along, the High inflation is definitely contribution to credit card balance of Americans".Adult more than third  in U.S. have credit card debts rather than emergency savings ,which is highest since 2011 as started tracking. During the end of 2022, the debt was same level and balance remained  with no changes in fist quarter 2023 as shown by Fed Data.Households pay debts for holiday festivities and balance by spring.

                                               

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