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Americans now hold a staggering $1 trillion in credit card debt, reaching an all-time high.
The Federal Reserve Bank of St. Louis: Americans’ Credit Card Debt Reaches $1 Trillion
The Federal Reserve Bank of St. Louis reported on Friday that Americans have reached a historic and troubling milestone – they now owe a staggering $1 trillion in credit card debt.
This alarming figure coincides with the fact that some credit card interest rates have soared to their highest levels in the past 40 years.
A recent study conducted by WalletHub revealed that the average interest rates for new credit card offers, which are often presented at a discounted rate compared to the standard rate, have also been affected.
Read More From Original Article Here: Americans Amass Record $1 Trillion in Credit Card Debt
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