Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

Alcohol Use, Sober Curiosity, And Recovery In College Mental Health

August 1, 2025

Why Smart Entrepreneurs Are Embracing Prenups — Not Out of Fear, But Strategy

August 1, 2025

How to Build Resilience and Drive Growth in Turbulent Times

August 1, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » How Does Your Credit Card Debt Compare to Others in the US?
Money & Finance

How Does Your Credit Card Debt Compare to Others in the US?

adminBy adminAugust 13, 20240 ViewsNo Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

Credit card debt in the U.S. hit a record high in Q2, and Americans are paying the price — in interest.

The Federal Reserve Bank of New York reported Tuesday that credit card debt skyrocketed to $1.14 trillion as of Q2 2024. That’s a $27 billion increase from the previous quarter and a $111 billion jump from the same time last year. The report was representative of the nation, based on a national sample of data drawn from the New York Fed’s Consumer Credit Panel.

Related: Robinhood Is Offering a Credit Card for the First Time — and It’s Available in 10-Karat Gold

Meanwhile, TransUnion’s second-quarter Credit Industry Insights Report released Thursday shows that the average American now has an average of $6,204 in credit card debt, or 6% more than last year’s average of $5,947.

TransUnion reported 545 million credit cards in use in the U.S. in Q2 2024.

Paul Siegfried, senior vice president and credit card business leader at TransUnion, says there’s a difference between how higher-risk and lower-risk borrowers use their credit cards.

“Higher-risk [borrowers] seem to be experiencing more significant inflationary pressures and as such, relying on their cards more, evident in increasing balances and higher utilization,” he stated.

Related: There Are New Rules for ‘Buy Now, Pay Later’ Programs — Here’s What to Know

At the same time, TransUnion found that credit card originations, or approval for new credit cards, mortgages, and loans, was down 7% year-over-year.

“Originations will likely continue to decline for mid-tier and worse consumers as issuers look to less risky borrowers,” Siegfried said.

According to a Forbes Advisor’s report, the average credit card annual percentage rate (APR) is around 27.62% this week.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Why Smart Entrepreneurs Are Embracing Prenups — Not Out of Fear, But Strategy

Money & Finance August 1, 2025

Her High School Side Hustle Is On Track for 7-Figure Revenue

Money & Finance July 30, 2025

She Was Ghosted by a Customer — This Clever Tactic Got Her Paid

Money & Finance July 29, 2025

A Program That Helped Build 144,000 Jobs Gets Slashed by Budget Cuts — What Happens Next Is Pivotal for Small Business Support

Money & Finance July 28, 2025

Couple’s Weekend Hobby Turned Into Business With $4M+ Revenue

Money & Finance July 27, 2025

$100k+ Salaries Aren’t ‘Well-Off’ — Here’s the New Number

Money & Finance July 26, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

Alcohol Use, Sober Curiosity, And Recovery In College Mental Health

August 1, 2025

Why Smart Entrepreneurs Are Embracing Prenups — Not Out of Fear, But Strategy

August 1, 2025

How to Build Resilience and Drive Growth in Turbulent Times

August 1, 2025

Raising Cane’s CEO Shares His Mindset for a Billion-Dollar Success

August 1, 2025

Trump’s Commerce Secretary Loves Tariffs. His Former Investment Bank Is Taking Bets Against Them

August 1, 2025

Latest Posts

How Leaders Can Uphold the Ideals America Was Founded On

July 31, 2025

3 Things I Wish I Knew When Founding a Company 20 Years Ago

July 31, 2025

X Data Center Fire in Oregon Started Inside Power Cabinet, Authorities Say

July 31, 2025

Can AI Enable A Solopreneur Or Small Team Build A Colossal Company?

July 30, 2025

Her High School Side Hustle Is On Track for 7-Figure Revenue

July 30, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT