Americans hold more credit-card debt than ever, and a ‘major tipping point’ isn’t far off

Outstanding revolving credit, which includes credit-card debt, rose to $1.02 trillion in June, according to a monthly report from the Federal Reserve released Monday. Business Insider/Andy Kiersz, data from Bloomberg Besides the New York Fed, several credit-card providers are reporting a rise in defaults. Synchrony Financial, one of the largest providers of store cards, said […]

US credit card debt has topped $1 trillion — here’s the most effective way you can pay it off, according to Harvard researchers

New data released by the Federal Reserve Thursday shows Americans’ collective credit card debt has eclipsed $1 trillion, reaching its highest level since January 2009 and up 6.2% from a year ago. “Americans’ credit card debt will almost certainly reach its highest levels ever later this year and keep growing from there,” he said. Add in a few […]