Americans' Credit Card Debt Reaches Trillion Dollars in 2023: Is it a Cause for Concern or Justifiable?
Sunday, 25 February 2024, 12:30
Americans' Credit Card Debt in 2023
Credit card balances soared past a trillion dollars in 2023, reaching a record high in the final months of last year, according to government data. It stands to reason that Americans should eventually cut back to service that mountain of debt, meaning less spending on goods and services and less revenue for companies to pay their employees. However, some economists aren't alarmed if those debt figures are put into much-needed context.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.