Americans are piling up credit card debt as they struggle to keep up with the high cost of living.
US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday.
Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 billion last quarter.
Over the past year, credit card debt has jumped by $100 billion, or 13%, the biggest percentage increase in more than 20 years. Credit cards typically charge high interest rates when balances aren’t fully paid off, making this an expensive form of debt.
Read more at CNN.com
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