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  • Today show credit card debt

    • Did you build up credit card debt over the summer and now facing a big balance?!

    U.S.

    NBC's Vicky Nguyen joins TODAY to share tips to get out debt and escape "financial quicksand" such as setting a personal strategy.

  • The highest-interest debts are on retailers' own credit cards.
  • Did you build up credit card debt over the summer and now facing a big balance?
  • The average annual percentage rate (APR) on a new credit card is now over 20%, according to Lending Tree.
  • Americans had over $761 billion in credit card debt in early July, and even that number is down from pre-pandemic high of almost $860 billion.

    • consumers collectively owe a record $1.14 trillion in credit card debt, figures released Tuesday by the Federal Reserve Bank of New York show. That's $27 billion more than the $1.13 trillion in credit card debt they carried during the second quarter of 2024.

    The high tally comes amid concerns of an economic downturn triggered by modestly rising unemployment, and as soaring costs in food, housing and auto rates continue to drain household budgets.

    Americans have increasingly been relying on credit cards to make ends meet, with 6 in 10 adults, or 60%, using credit cards to buy groceries in 2023, according to a May report by the Urban Institute.

    Prolonged debt also plays a factor in the historic amount as more Americans fall behind on their credit card bills.

    About 7.18% of cardholders fell into delinquency in the second quarter, up from 5% in the previous quarter, Fed statistics show. 

    "More people are carrying more debt for longer periods of time," Ted Rossman, senior industry analyst at Bankrate, said in a statement. 

    Amer

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