“Credit card debt is at an all-time high, putting households near ‘breaking point,’ study shows”
March 9, 2023
“More consumers are leaning on credit cards to afford increasingly expensive necessities such as food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, an 18.5% spike from a year earlier, according to the latest quarterly report by TransUnion. The average balance rose to $5,805 over that same period.
At this rate, households are nearing a “breaking point,” according to a separate study by WalletHub… Credit cards are one of the most expensive ways to borrow money. Currently, annual percentage rates, or APRs, are around 20%, an all-time high…”
Debt that does not create cash flow is bad. Don’t do it. Don’t make that kind of debt. Avoid it.