Overextended Cardholders Blame Rising Costs

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credit card rates

CNBC

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Nearly 2 in 5 cardholders have maxed out a credit card or come close, report finds

Summary

Nutrition label

88% Informative

Nearly 2 in 5 credit cardholders have maxed out or come close to maxing out a credit card since the Federal Reserve began raising rates in March 2022 .

The average balance per consumer now stands at $ 6,329 , up 4.8% year over year .

Gen Xers in their 40s and 50s are most likely to max out their credit cards.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive