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US credit card debt hits $1 trillion
New York Fed research says the last year has seen the biggest increase in credit card debt since it started tracking such data in 1999.
New York Fed research says the $154 billion increase in credit card debt is the biggest since it started tracking such data in 1999.
Credit card borrowing levels have been rising every quarter for the past two years to reach $1.08 trillion.
Sam Fenwick speaks to the New York Fed and finds out how risky this debt is with interest rates so high.
(Picture: A woman carries shopping bags during the holiday season in New York City, U.S., December 21, 2022. Credit: REUTERS/Eduardo Munoz/File Photo)
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