XML Financial Group Blog

Average Credit Card Balances Rising

Written by XML Financial Group | Feb 13, 2024 3:00:00 PM

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. 

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