New report finds Americans owe more than a trillion dollars on credit cards

The video discusses the rise in credit card debt in the US, reaching a record $1.7 trillion. Despite this, delinquency rates have improved. Surveys reveal that many Americans' debt levels remain unchanged, while others cite economic challenges as reasons for increased borrowing. High interest rates make credit cards an expensive borrowing option. Demographic data shows Gen X carries the most debt, while Gen Z has the least. Alternatives like 'buy now, pay later' are gaining popularity. Experts advise setting spending limits to manage debt effectively.

What was the total credit card debt reported by the New York Federal Reserve?

• $1.5 trillion

• $1.7 trillion

• $2 trillion

• $1.3 trillion

What percentage of Americans reported no change in their debt over the past three months according to Achieve?

• 35%

• 42%

• 28%

• 50%

Why are credit card interest rates considered high?

• They are fixed at 15%

• They are over 20%

• They are below 10%

• They fluctuate monthly

Which generation carries the most credit card debt?

• Gen Z

• Millennials

• Gen X

• Baby Boomers

What is one alternative to using high-interest credit cards?

• Using a debit card

• Borrowing from friends

• Using buy now, pay later services

• Taking a personal loan