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Americans are, unfortunately, no strangers to credit card debt, and a new Federal Reserve Bank of New York report shows just how quickly those problems are compounding. The total credit card debt nationwide hit a record $1.14 trillion in the second quarter of 2024, according to the report — up by about $27 billion compared to just one year ago. That represents a nearly 6% increase year-over-year.
Adding to the concern is a rising tide of delinquencies among cardholders. Approximately 7.18% of credit card users…
