U.S. Credit Card Balances Are Down. Is Yours?

·3 min read

The more credit card debt you carry, the more money you end up throwing away on interest charges. In fact, it's easy to get caught up in a cycle where you rack up a modest amount of credit card charges, make only your minimum payments, and then accrue interest that leaves you grappling with that debt for years. While total household debt rose by $85 billion to reach $14.64 trillion during 2021's first quarter, credit card balances declined by $49 billion, according to the Federal Reserve Bank of New York.

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