CardRatings.com Analyzes Whether a Recent Drop in Credit Card Debt is Actually Good News [Yahoo! Finance]
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Source: Yahoo! Finance
CardRatings' credit card experts explain why this drop in debt might not actually be good news. FOSTER CITY, Calif., June 12, 2024 BUSINESS WIRE )--Given the number of Americans struggling with credit card debt, seeing balances owed go down might seem like a cause for celebration; however, other debt trends from the first quarter of 2024 suggest that people are simply trading one form of debt for another. At the end of 2023, Americans owed a total of $1.129 trillion in credit card debt. During the first quarter of 2024, that debt shrunk by $14 billion. Conversely, total consumer debt rose during this same quarter – by $184 trillion. CardRatings.com , a leading credit card review and comparison site, examines these figures and discusses the driving force behind these trends in their article: Is the recent drop in credit card debt actually good news? CardRatings provides tips on credit card refinancing options and discusses the benefits of more accessible solutions such as balan
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