Americans' credit card debt hits record $866 billion in Q3
Americans' bank card debt reached a record $866 billion in the third quarter, up 19% from a year earlier. That's according to a report from credit agency TransUnion.
The data indicates that people are turning to credit cards and unsecured loans to cope with high inflation amid rising borrowing costs and risks of a recession in the U.S. economy, MarketWatch noted.
"We're likely to see continued growth in credit card use as higher interest rates and inflation continue to put pressure on consumers," said TransUnion Senior Vice President Paul Siegfried.
Average debt per person reached $5474, up 12.7 percent from a year ago.
According to Bankrate, the average credit card rate is at a record high of 18.94% APR.