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Americans' average credit card balance hits $6,580, but there are signs consumers are managing their debt relatively well

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Summary
Nutrition label

83% Informative

Consumers owe a record $1.21 trillion on their credit cards, the Federal Reserve Bank of New York recently reported.

The average balance per consumer now stands at $ 6,580 , up 3.5% year over year , TransUnion found.

Credit card delinquency rates, or those 90 days or more past due, fell for the first time since 2020 .

Credit cards are still one of the most expensive ways to borrow money after interest rate hikes.

VR Score

89

Informative language

91

Neutral language

76

Article tone

semi-formal

Language

English

Language complexity

43

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

1

Source diversity

1

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