USA HISTORY

Detailed explanation-1: -At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, a 18.5% spike from a year earlier, according to the latest quarterly report by TransUnion.

Detailed explanation-2: -How much credit card debt do Americans have? Americans’ total credit card balance is $925 billion in the third quarter of 2022, according to the latest consumer debt data from the Federal Reserve Bank of New York.

Detailed explanation-3: -Americans lean more on credit cards as expenses stay high: 46% of cardholders now carry debt from month to month. As daily expenses stay high due to inflation, more Americans are relying on credit cards to make ends meet and fewer are able to pay their bills in full at the end of the month.

Detailed explanation-4: -If your total balance is more than 30% of the total credit limit, you may be in too much debt. Some experts consider it best to keep credit utilization between 1% and 10%, while anything between 11% and 30% is typically considered good.