86 Million Americans Worry They Will Max Out Their Credit Cards
January 30, 2019
Despite record-high interest levels on credit cards, 1 in 3 people worry that they may max out their credit cards, according to a new survey from Wallet Hub. Those who do overextend their credit may have a hard time paying down their debt. Interest rates on credit cards are the highest they have ever been, and they just keep getting higher. A different study from CreditCards.com found that average credit card interest rate is 17.41 percent, up from 16.15 percent last year, and 15.22 percent the year before. The Federal Reserve reports that Americans have amassed more than $1 trillion in credit card debt, the highest amount since the financial crisis of 2008.