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U.S. Credit Card Debt Soars to $1.2 Trillion

9/19/2025

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Summary

Story summary

U.S. credit card debt reached $1.2 trillion by the end of 2024, per the Federal Reserve Bank of New York.
The Federal Reserve reduced its benchmark interest rate to 4% to 4.25%, but borrowers may not experience significant rate changes.
Credit card balances rose by $27 billion in June 2025, totaling $1.21 trillion.
Americans aged 40 to 49 hold the highest credit card debt at $283.7 billion, a 9.1% increase from last year.
Individuals aged 18 to 29 have the lowest debt at $90.9 billion, up from $61 billion in 2004.

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Story summary

U.S. credit card debt reached $1.2 trillion by the end of 2024, per the Federal Reserve Bank of New York.
The Federal Reserve reduced its benchmark interest rate to 4% to 4.25%, but borrowers may not experience significant rate changes.
Credit card balances rose by $27 billion in June 2025, totaling $1.21 trillion.
Americans aged 40 to 49 hold the highest credit card debt at $283.7 billion, a 9.1% increase from last year.
Individuals aged 18 to 29 have the lowest debt at $90.9 billion, up from $61 billion in 2004.