Credit card originations increased and balances have risen. But there are ways to pay off your high interest debt.
As Americans deal with stubborn inflation, they’re increasingly turning to credit cards to make ends meet. In fact, credit card originations rose 0.16% month-to-month in August, according to the latest data from VantageScore. And the average credit card balance jumped 11.1% year-over-year to reach $6,082.
"This increased reliance on credit cards is likely to lead many even deeper into debt – which is especially troublesome with interest rates well into the double digits," Quicken said in its report. And many Americans are struggling to pay off debt as COVID-era savings are expected to be depleted by the end of the third quarter, according to research by the Federal Reserve Bank of San Francisco.
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