Average Credit Card Balances Rising

The average American’s credit card balance jumped  by 8.2% over the last year. Average credit utilization rose to 31.7% over the same period, and more than half of all card owners are carrying a balance from month to month. Inflation may be moderating, but the increase in personal debt may imply that many Americans are still feeling the sting of a rising cost of living amid lagging wage increases. 

Click here to read the article.

This communication is for informational purposes only. No content or reference to a third-party article is intended to be a recommendation for the sale or investment in any product, strategy or service nor should it be perceived as individual advice. This commentary does not necessarily reflect the opinions of all employees or XML Financial Group and its affiliates (“XML”).  XML is not responsible for any actions taken related to this information.