"Americans Drowning in Credit Card Debt as it Surpasses $1 Trillion: NY Fed"

Credit card debt in the US has surpassed $1 trillion, with a $45 billion increase in the second quarter of 2023, according to the Federal Reserve Bank of New York. Delinquency rates have also risen, with credit card balances experiencing the largest increase among all debt types analyzed. Despite stabilizing delinquency rates, many Americans continue to rely on credit cards amidst inflation, rising interest rates, and economic turmoil. The Federal Reserve's interest rate hikes could further impact credit card debt, although inflation has been cooling in recent months. Personal loans and balance transfer cards are options for those struggling with high-interest debt.