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February 12, 2024

Why now is a crucial time to pay off credit card debt

  • The average interest rate on a credit card is 21.5%, the highest it's been since the Federal Reserve started tracking rates in 1994.
    Associated Press

    NEW YORK — For Americans who lacked savings prior to the pandemic, financial stress is rising. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say.

    In the fourth quarter of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, a 1.2% rise, according to the latest data from the New York Federal Reserve.

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