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How to Manage , Mounting Nationwide , Credit Card Debt .<br/>According to TransUnion data, the average <br/>credit card debt per borrower in the United States <br/>has increased 8.5% year-over-year, reaching $6,218. .<br/>The added pressure on consumers has made <br/>it even more difficult to pay down their debts. .<br/>Yahoo Finance recently sought expert advice <br/>for insights into how Americans can manage <br/>amid the current levels of credit card debt.<br/>Discover Personal Loans Vice <br/>President Dan Nickele highlights the debt <br/>management benefits of personal loans.<br/>One of the great things <br/>about a personal loan is <br/>that you can check your <br/>rate without impacting your <br/>credit report, so you can <br/>explore your options. , Dan Nickele, Discover Personal Loans <br/>Vice President, via Yahoo Finance.<br/>And I think options are a consumer's <br/>best friend, especially somebody <br/>who's trying to manage their debt. , Dan Nickele, Discover Personal Loans <br/>Vice President, via Yahoo Finance.<br/>So I would encourage somebody <br/>who thinks they might have a savings <br/>opportunity to go out and figure out <br/>what rates they can actually earn, <br/>explore their options for <br/>payments and rates, Dan Nickele, Discover Personal Loans Vice President, via Yahoo Finance.<br/>Yahoo Finance points out that while the pace <br/>of inflation showing signs of moderating, consumers <br/>are still facing increased pressure on their budgets.<br/>At the same time, Bank of America's annual Homebuyer <br/>Insights Report found that 72% of potential homebuyers <br/>are concerned about ongoing rent increases. .<br/>A National Institute on Retirement Security <br/>also found that 79% of Americans expressed<br/>pessimism amid a retirement savings crisis
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While fraudulent activity relating to debit cards are on a decline, the opposite is true as it pertains to credit card fraud.<br/><br/><br/>The Bankers Association of T&T has provided insight into what customers should look out for when shopping online to better protect their information.<br/><br/><br/>BATT has also responded to claims by the police that getting information on fraud from banks is a very slow process.<br/><br/><br/>Alicia Boucher has the details.
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Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve Bank of New York reported Tuesday. The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous year. More borrowers are falling behind on credit card payments, with less than 9% of balances transitioning to delinquency. Serious delinquencies past 90 days reached their highest level since 2010. Younger adults have taken on more debt to cover the rising rent costs, student loans, and auto loans. Credit cards charging an average of 20% interest are typically the most expensive debt.
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