Americans are lagging behind on credit cards

INDIANAPOLIS — A new report shows that household debt among U.S. households is worsening month by month.

Last year, U.S. credit card debt topped $1 trillion for the first time in history. Now, according to the New York Fed's first-quarter report, that number is as high as $1.12 trillion. In the first quarter of 2024, the total actually decreased by about $14 billion.

Another measure of how Americans use their credit cards is the number of credit card delinquencies nationwide. According to a report from the Federal Reserve Bank of New York, 9% of credit card balances fell into delinquency in the first quarter of this year. This means that nearly 1 in 10 Americans have experienced difficulty making a credit card payment in the past few months.

The good news is that there are resources for those struggling with credit card debt.

The National Foundation for Credit Counseling is a nonprofit organization that can refer you to nonprofit credit counselors across the country. These advisors can discuss your specific situation with you and help you develop a plan to address your debt issues to get back on track.

There may be a small fee involved, but counselors must tell you exactly how much it will cost, and they are legally prohibited from charging you before helping you.

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