U.S. credit card debt has soared over the last couple of years and recently it reached a major milestone.
Americans’ combined credit card balances topped $1 trillion dollars last year, according to the Federal Reserve Bank of New York.
By comparison, combined credit card balances were $680 billion a decade ago, according to federal data.
While growing online sales have fueled the spike, business experts say the numbers are concerning as more people are not paying off their full balances and facing costly interest payments.
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Article URL : https://abcnews.go.com/US/credit-card-users-avoid-mounting-debt-bills-reach/story?id=106479070