The average credit card debt held by households in the United States surged by 13 percent in the second quarter, the largest increase in such debt since 1999, according to an Aug. 30 report from the Federal Reserve Bank of New York.
More consumers are increasingly relying on credit amid sky-high inflation in order to pay their bills.
Credit card balances increased by $46 billion from last year, becoming the second-biggest source of overall debt last quarter, though it is below pre-pandemic levels.
Meanwhile, the current credit card interest rate is now at a record high of 17.96 percent, according to Bankrate, a financial advice website….