Rising Credit Card Debt and Delinquencies Hit Record Levels

Americans face increasing financial strain as credit card balances and interest rates reach historic highs, with younger generations most affected.

Nearly 20% of credit card borrowers are using at least 90% of their available credit, according to the New York Fed.
Credit card delinquencies have surpassed pre-pandemic levels, with 6.9% of balances 90 or more days late in early 2024.
Gen Z has the highest rate of maxed-out cardholders at 15.3%, compared to 4.8% for boomers.
The average credit card interest rate is 21.6%, the highest on record, contributing to longer repayment periods and higher interest costs.
Experts suggest debt management programs, debt consolidation, and other strategies to manage rising credit card debt.