Credit Card Debt Jumps to Record $1.08 Trillion

[bjl584]

Credit card balances jump to $1.08 trillion record. How we got here (cnbc.com)

• Millennials being hit hardest as student loan payments resume
• 1 out of 10 card users are in perpetual credit card debt
• Average rate on cards tops 20%

[srblanco7]

From the article "Nearly one-tenth of credit card users find themselves in “persistent debt” where they are charged more in interest and fees each year than they pay toward the principal — a pattern that is increasingly difficult to break, the consumer watchdog said."

Ouch. Compound interest working against you - with rates likely over 20%.

[kork13]

It also doesn't help when credit card companies only require 1-2% of the balance as a minimum payment (plus accrued interest, of course). King for a day, minimum CC payments would be 15-20% of the balance, to force repayment within 5-6 months vs 5-6 years.

[LivingAlmostLarge]

A lot of the rise is from interest rates piling on the debt and its' really hard to get ahead