Approximately one out of every 10 U.S. credit card accounts was in “persistent debt” in 2022, says a new report from the Consumer Financial Protection Bureau.
This marks an 8.4% increase from the year before.
As a result, U.S. consumers reportedly racked up $105 billion in credit card interest during 2022.
CFPB personnel say they expect the amount of Americans in persistent debt is only likely to increase during 2023.
