Current Bankruptcy News

Interest Rates and Credit Card Balances are Skyrocketing,

Posted by Jeffrey Butwinick | Feb 09, 2023 | 0 Comments

The average credit card interest rate is 23.56%, according to Forbes Advisor's weekly credit card rates report.  The Federal Reserve keeps tabs on the average interest rate that U.S. consumers pay for a variety of different financial products—credit cards included. In February 2023, the average credit card interest rate in the U.S. on accounts with balances that assessed interest was 20.40% according to The Federal Reserve.

U.S. credit card debt hit a record $930 billion, with younger Americans having the highest delinquency rate.

Quick facts: Credit card debt and delinquency rates

  • U.S. credit card debt hit an all-time high of $930 billion
  • Debt surpassed the $870 billion peak during the 2008 financial crisis
  • Credit card delinquency rates increased .16% from the prior quarter to 5.32%
  • Younger Americans (18 to 29) have a 76% higher delinquency rate than anyone else

Are you struggling with credit card debt?  Minesota Bankruptcy Attorney Jeff Butwinick can help. 

You can self-schedule an appointment by clicking here:

About the Author

Jeffrey Butwinick

Practice Areas Jeff specializes in providing legal counsel to small business clients, and assisting clients in their personal and/or business bankruptcy petitions. He also helps people who have been subjected to illegal collection efforts. Current Practice Areas: Personal bankruptcy, small b...


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