Consumer Credit Card Debt Hit $1.27 Trillion in November 2023

Paying with a credit card

WalletHub recently analyzed Federal Reserve data released in early January and found that credit card debt hit $1.27 trillion in November 2023, which is 6% higher than the previous year, after adjusting for inflation. WalletHub now projects that credit card debt rose by $101 billion in 2023.

In addition, WalletHub’s latest Credit Card Debt Survey found the following takeaways:

  • Debt Surge: 59% of Americans with credit card debt say they have more debt now than they did 12 months ago.
  • Inflation Worries: 54% of Americans expect inflation to affect their credit card debt in 2024.
  • Aiming for Debt Freedom: 84% of people with credit card debt say getting out of debt is one of their goals for 2024.
  • Pointing Fingers: More than 1 in 4 Americans blame the economy for their credit card debt.

For more information, check out the full Credit Card Debt Survey.

Cleanfax Staff

Cleanfax provides cleaning and restoration professionals with information designed to help them manage and grow their businesses.

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