Credit card debt of American users reaches record $866B

Americans’ credit card debt hit a record $866 billion in the third quarter, up 19 percent from a year earlier, according to the report of the credit agency TransUnion, Report informs.

“We are likely to see continued growth in credit card usage as increased interest rates and inflation continue to put pressure on consumers while employment numbers remain strong,” said Paul Siegfried, senior vice president and credit card business leader at TransUnion.

Per borrower, the average balance has hit $5,474, an increase of 12.7% from last year, Michele Raneri, vice president of US research and consulting at TransUnion, told MarketWatch.

At the same time, the average credit-card rate is at a record high of 18.94%, according to Bankrate. Delinquency levels should continue to be monitored, Raneri said.