Americans owing record credit card debt are carrying debt for longer

The video discusses the rising credit card debt in the U.S., highlighting a record high of over $1.1 trillion. It examines the impact of high interest rates and inflation on consumers, with many carrying debt month-to-month. The Federal Reserve's potential rate cuts are explored, though immediate relief is unlikely. The video also covers the long-term cost of making minimum payments and the strategies consumers use to manage debt.

What is the new record high amount of credit card debt owed by Americans?

• 1.1 million

• 1.1 trillion

• 1.1 quadrillion

• 1.1 billion

What percentage increase in credit card balances was observed in the second quarter?

• 5%

• 15%

• 11%

• 2%

What is the average credit card rate expected to be after a half-point cut by the Federal Reserve?

• 20.2%

• 21.2%

• 19.7%

• 20.7%

How long could it take to pay off the average credit card balance with minimum payments?

• 20 years

• 18 years

• 15 years

• 10 years

How much interest could accumulate if only minimum payments are made on the average credit card balance?

• $5000

• $12000

• $6200

• $9300