America’s credit card balance has passed $1 trillion, or it’s about to, depending on whom you ask, The Hill reported. The nation’s credit card debt stands at $986 billion, according to the Federal Reserve. The figure has climbed by $250 billion in two years. Some other estimates range higher. A WalletHub report put total card debt at $1.2 trillion at the end of 2022. Just two years ago, the national credit card narrative seemed headed in the opposite direction. Card balances declined from about $850 billion at the start of 2020 to less than $750 billion in the spring of 2021. A typical American household now carries $10,000 in credit card debt, by one estimate, another record. Forty-six percent of cardholders carry debt from month to month, up from 39 percent a year ago, Bankrate reports.
