(MY FOX 8) – Credit card debt among Americans just reached a new record high of $1 trillion as a new report shows an uptick in people making emergency withdrawals from their retirement accounts.
The new data comes from the Federal Reserve Bank of New York which said total U.S. credit card debt hit $1 trillion in the most recent quarter. Bankrate Analyst Ted Rossman says this shows a jump in Americans’ reliance on credit cards.
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“We’re definitely seeing more people carrying more debt for longer periods of time,” Rossman said.
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