The Federal Reserve Bank of New York reported Credit card debt hit a record high of $1.14 trillion in Q2 2024, with a $27 billion increase from the previous quarter.
Higher-risk borrowers are facing more inflationary pressures, leading to increased credit card usage and bigger balances, according to TransUnion's Paul Siegfried.
Credit card originations were down 7% year-over-year, with issuers leaning towards less risky borrowers, as stated by TransUnion's Paul Siegfried.
The average credit card annual percentage rate (APR) stands at about 27.62%, reflecting high-interest costs for cardholders.
Collection
[
|
...
]