Consumer credit balances including credit cards reached trillions of dollars in Q2 2023 as Americans turn to credit cards to deal with high inflation and meet other needs. But there are many ways to pay off debt quickly.
Total consumer credit increased at an annual rate of 2.5% in July to reach about $4.98 trillion,by the Federal Reserve. Revolving credit including credit cards increased at an annual rate of 9.2%. Nonrevolving credit such as personal loans increased at an annual rate of 0.2%.
"Revolving credit growth remains high despite the modest drop," Curt Long, the NAFCU's vice president of research and chief economist, said. "This is prompting fears that stresses may arise at the household level due to greater borrowing in a higher interest rate environment." However, there remains a significant disparity across interest rates when it comes to credit cards and personal loans.
The average credit card interest rate as of the second quarter of 2023 was 20.68%, according to the Fed report. That represented an increase from 15.13% in the second quarter of 2022. Meanwhile, the average personal loan interest rate is 11.48%, according toStill, consumers have been turning to credit cards amid high inflation. In fact,
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