US EditionPublished • loading... • Updated
Report: Americans are still paying off credit debt from last Christmas
Average household credit card debt is $11,019 with interest rates around 22–23%, driven by inflation and stagnant wages, WalletHub reports.
- Recently, WalletHub reported many U.S. households remain repaying holiday credit-card debt from last Christmas, with debt at $1.33 trillion and an average of $11,019 per household.
- Amid rising living costs, inflation and stagnant wages have forced American households to rely on credit for essentials, driving persistent balances from last year.
- Everyday spending patterns show consumers charged everyday expenses like gas, groceries, and utilities to cards and carried balances that accrue credit-card interest rates of about 22 or 23%.
- Despite lower holiday spending this year versus last year, WalletHub surveys warn the household debt burden may increase before the year ends.
- For those considering consolidation, WalletHub recommends debt consolidation and balance-transfer cards but notes borrowers with less-than-good credit often cannot secure lower rates.
Insights by Ground AI
38 Articles
38 Articles
Coverage Details
Total News Sources38
Leaning Left6Leaning Right7Center8Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 29%
C 38%
R 33%
Factuality
To view factuality data please Upgrade to Premium
