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Credit card debt hits record amid rising interest rates

By Zach Halaschak
Published November 7, 2023 6:52pm ET
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Credit card debt hits record amid rising interest rates
The average household owes a record $8,600, which is more than the peak during the recession. (AP Photo/Keith Srakocic) | Keith Srakocic

Total credit card debt in the United States hit a record high of $1.08 trillion in the third quarter, the Federal Reserve Bank of New York reported Tuesday.

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Credit Cards Federal Reserve Inflation Interest Rates Spending