Average Consumer Now Carries Over $6K in Credit Card Debt

A new report has revealed that credit card debt is on the rise in the U.S.

According to a report from the Federal Reserve Bank of New York, Americans owe a record $1.4 trillion in credit card debt.

Meanwhile, a quarterly report from TransUnion has revealed that the average consumer has $6,329 in debt.

Credit card delinquency is also on the rise, with 9.1% of balances transitioning to delinquency.

Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, told CNBC that people with revolving debt “are maxing out their credit cards” and “that’s usually a pretty good indicator that people are stretched.”

How much in credit card debt do you owe? What is your biggest debt: vehicle, credit card, home? What do you mostly use your credit card for?