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Credit Card Debt - What's the Biggest Increase in 22 Years?
US household debt surpassed $16 trillion for the first time ever during the second quarter. Over the past year, credit card debt has jumped by $100 billion, or 13%. The biggest percentage increase in more than 20 years. High inflation is also making it more expensive to carry a debt credit card balance because the Federal Reserve is aggressively raising borrowing costs.