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US Credit Card Debt Reaches Record $1.29 Trillion Amid Federal Reserve Rate Increases
(3 hours ago) · 1 source · Summarized by CryptoBipto
American credit card debt has reached a record $1.29 trillion, according to recent data. The rising debt levels coincide with Federal Reserve interest rate hikes, which increase the cost of carrying credit card balances for consumers.
WHY IT MATTERS
The Federal Reserve is the central bank of the United States, and one of its main tools is setting interest rates — essentially the cost of borrowing money.
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SOURCES
- beincrypto.com
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Federal ReserveInterest RatesMacroeconomicsConsumer Debt