According to the Federal Reserve, credit card debt in America has hit a staggering thirteen-figures at $1.34 trillion in March 2024, averaging a balance of $6,699 per cardholder. This mountain of debt is exacerbated by high-interest rates exceeding 22.76%, which make paying off these debts extremely challenging.
Experian's data indicates that Generation X cardholders carry credit card debt that exceeds the national average. Factors such as living arrangements or financial assistance lead to differing debt levels among age groups.
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