Credit card debt is at record high as Americans deal with inflation and rising costs

Although inflation is moderating, rising prices spurred near-record use of credit cards and installment loans in the first quarter of 2023.

  • Credit card balances remain near record highs at $917 billion — an increase of almost 20% over last year.
  • Balances for unsecured personal loans rose 26.3% year-over-year in the first quarter of 2023 to register a new high of $225 billion.

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