However, credit card balances are especially worrisome because they are going to keep getting worse.
That means the average American could be spending $1,140 every year on credit card interest and fees alone.
Americans have been accruing a lot of credit card debt at a terrible timeAccording to the Federal Reserve Bank of New York, Americans had nearly $1.1 trillion in credit card debt in the third quarter of this year.
Credit card interest rates, which had already been at their highest level since the mid-1990s, started soaring even higher.
But with credit card debt going through the roof, the blissful spending could come to a screeching halt.
Persons:
couldn't, —, Gary Coronado, LendingTree, Ted Rossman, Biden
Organizations:
Service, SoFi Bank, Federal Reserve, Federal Reserve Bank of New, Federal Reserve Board, Fed, New York, New York Fed, Consumer Financial, CNN, Household Economics
Locations:
WalletHub, Federal Reserve Bank of New York, delinquencies