The Real Deal: Credit card debt increasing, but financial stress levels decreasing
Around the country, interest rates have increased around 10%.
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Financial experts say credit card debt has risen nationwide due to high interest rates for the past few years.
Around the country, rates have increased around 10%.
The average amount debt a person owes is nearly $3,600.
Experts say for those in the tri-state area, the amount of debt is higher.
"High inflation and the rising cost of money has made a lot of financial stress for residents around the tri-state area. But those stress levels have been coming down according to the latest consumer poll survey, down around 10%. People are having a slightly easier time paying their bills and prices come down gradually, but we know prices are still high, putting a lot of financial stress on families," says Caleb Silver of Investopedia.
