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Noon Edition

Federal Reserve Report: U.S. Credit Card Debt At An All-Time High

credit cards

Though a majority of Americans have jobs and the economy is strong, credit debt is at an all-time high. (frankieleon, Creative Commons)

Noon Edition airs on Fridays at noon on WFIU.

Credit card debt is at an all-time high for Americans, according to a report by the Federal Reserve that came out this month.

The report revealed that U.S. collective household debt balances totaled $12.73 trillion in March 2017, surpassing the 2008 peak of $12.68 trillion.

Issues with debt are becoming especially prominent among young people.

Nearly 10 percent of 18- to 29-year-olds now have credit card debt 90 days past due.

Some economists attribute rising credit card debt among young people to student loans. Dealing with large amounts of debt, they put their purchases to credit.

In the study done by the Federal Reserve, there’s an estimate that 20 percent of student loans are 90 days late.

Join us this week as we talk about why Americans, especially young people, are struggling with credit, debt and way to manage finances. 

You can follow us on Twitter @NoonEdition or join us on the air by calling in at 812-855-0811 or toll-free at 1-877-285-9348. You can also send us questions for the show at news@indianapublicmedia.org.

Guests

Phil Schuman, director of financial literacy for Indiana University’s MoneySmarts

Katie Broadfoot, executive director, Monroe County United Ministries- Your Path

Lisa Piercefield, finance advisor, Monroe County United Way Finance Programs

Jorden Doepker, financial coach, Central Nine Career Center 

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