Record High Credit Card Debt Amid Rising Interest Rates

Increasing financial pressure on households as delinquencies surpass pre-pandemic levels

Consumer debt surged $23.8 billion in November, with a $19.1 billion increase in revolving debt, mainly credit cards, taking the figure to a fresh record high of $1.31 trillion.
Interest rates on credit card debt are averaging more than 21%, the highest in decades, putting increasing financial pressure on households.
Delinquencies for credit cards and car loans have recently surpassed pre-pandemic levels, particularly among younger borrowers.
Nearly half, or 49%, of credit card holders carry debt from month to month, and 56 million cardholders have been in debt for at least a year.
10% of those holding credit card debt do not think they will ever be able to pay off their bills, and another 25% expect it will be at least five years in the future.