JUST IN: Total credit card debt in the US rises by $48 billion in Q3 2023, to a record $1.08 trillion.
This means that total credit card debt is now up $400 billion since 2013 and $300 billion since 2020.
Meanwhile, interest rates are credit card debt are at a fresh record of 25%.
The average consumer is now spending $1,600/month on their credit card.
People continue to "fight" inflation with credit card debt.
How long can this last?