Americans racked up a record $180.3 billion in additional credit card debt last year, as rampant and dwindling savings rates forced many families to tap lines of credit, a new study finds.
US credit card users ended 2022 with $1.18 trillion in outstanding credit card debt, a 15% increase from the year before, according to a study by released on Wednesday.
In the fourth quarter alone, credit card debt increased by $85.8 billion – the highest quarterly increase ever recorded – and the average household ended the year with $9,990 in credit card debt.
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