Americans' credit card balances have hit a record high of $1.14 trillion, increasing by 2.4% and 48% since Q1 2021. Delinquency rates are also on the rise despite stable figures in Q2.
More individuals are carrying long-term debt, with 50% of credit cardholders maintaining balances monthly, and 60% having debt for over a year. The 30-39 age group shows higher delinquency rates for credit cards compared to pre-pandemic levels.
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