U.S credit card debt rising at fastest rate In 20 Years

Credit card debt increased 13% just over the last year, and more Americans say they are struggling to pay off their balances.

By Andrew Meriwether
credit card borrowing
Keith Srakocic / Associated Press
credit card borrowing
Keith Srakocic / Associated Press

U.S credit card debt rising at fastest rate In 20 Years

Credit card debt increased 13% just over the last year, and more Americans say they are struggling to pay off their balances.

By Andrew Meriwether
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U.S. credit card debt is rising at its fastest pace in more than 20 years according to a new report from the Federal Reserve Bank of New York. The rising cost of everyday goods and services due to inflation is partly to blame.

Reset sits down with two economists and hears from residents in Illinois about how debt is affecting families and what it could mean for the economy.

GUESTS: Olga Gorbachev, associate professor of economics at the University of Delaware Christian Weller, fellow at the Center for American Progress