Credit Card Debt: America's $1.13 Trillion Problem

The average American is now shouldering a historically high level of credit card debt. As reported by the Federal Reserve, the total amount owed rose to $1.13 trillion in the final quarter of 2023. This staggering figure is mirrored by the fact that nearly 170 million consumers are currently carrying a balance on their credit cards, highlighting a widespread financial challenge, according to TransUnion. Understanding the magnitude of one’s own debt is a crucial step towards devising a strategic plan to address and mitigate this financial burden, underscoring the importance of personal financial awareness and proactive management.