U.S. Consumer Debt Jumps as Credit Card Interest Rates Surge

U.S. consumers are facing a surge in credit card interest rates, leading to a jump in outstanding balances.

Households added $351 billion in overall debt last quarter, taking the total to $16.5 trillion.

Mortgage and home equity debt combined are up by $2 trillion since the pandemic began to a total of $11.7 trillion.

Auto loan balances rose by $22 billion in the third quarter and are now above $1.5 trillion, roughly double the figure then in 2008 when we had the last Great Financial Crisis.

There are 191 million Americans with at least one credit card.

The total number of credit card accounts open is estimated at 555 million this figure is only in USA.

In addition to incurring more credit card debt, Americans are also tapping into their home equity to help meet spending needs.

This increase is putting a strain on already tight budgets, and is causing many to fall behind on their payments.

As a result, bankruptcy filings are on the rise, and the economy is in another financial crisis.

If you're struggling with a high amount of debt, you're not alone.

At The Law Offices of Omar Zambrano, we understand the pressure that comes with having a lot of debt.

We can help you get your finances back on track and start fresh.

Please give us a call at 626-338-5505 for a Free Consultation and learn more about how we can help you.