📊 U.S. Credit Card Debt Reaches Record $1.17 Trillion

Credit card debt hit an all-time high of $1.17 trillion in Q3 2024, reflecting a $24 billion quarterly increase, according to the New York Federal Reserve. With credit card interest rates averaging over 20%, this costly form of borrowing is making it harder for many Americans to build savings.

This trend highlights the challenges of managing high-interest debt amid inflation and underscores the need for financial literacy and sustainable budgeting strategies. Policymakers and businesses must address these barriers to promote financial stability.

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#Finance #DebtCrisis #Savings #EconomicTrends

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