Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: An Israeli guard was killed in a shooting attack at the Gush Etzion Junction, and those who carried out the operation were injured
Ofer Military Court extended Nasser al-Lahham's detention for three days
Israeli media platform says a reserve soldier was found killed in Har Homa in al-Quds
Al Mayadeen's correspondent in South Lebanon: An Israeli drone strikes a vehicle in the town of al-Mansouri with two missiles
Yemeni Armed Forces: We are working to expand our military support operations and continue the naval blockade until the aggression on Gaza ends
Yemeni Armed Forces: We carried out a top-tier military operation targeting Llydd Airport with a Thulfiqar missile, which successfully achieved its goal
Al Mayadeen's correspondent: 16 Palestinians, including 10 children, were martyred in an Israeli bombardment near the al-Zawari junction in Deir al-Balah, central Gaza Strip
US State Department sanctions UN Special Rapporteur on the Occupied Palestinian Territories Francesca Albanese.
Yemeni Armed Forces: We reiterate our warning to companies dealing with ports in occupied Palestine that their vessels and crews will be targeted anywhere.
Yemeni Armed Forces: We reaffirm our commitment to preventing Israeli maritime activity in both the Red Sea and the Arabian Sea.

US deep in debt, owing banks $1 trillion in credit cards

  • By Al Mayadeen English
  • Source: News websites
  • 31 May 2023 11:24
2 Min Read

Americans fall deeper into the economic crisis amid a soaring inflation and debt crisis.

  • x
  • n this July 18, 2012 file photo, credit logos are seen on a downtown storefront as a pedestrian passes in Atlanta. (AP)
    In this July 18, 2012 file photo, credit logos are seen on a downtown storefront as a pedestrian passes in Atlanta. (AP)

Average Americans have plunged into dire economic straits due to an unprecedented level of debt that added to their economic hardships amid soaring inflation. In a report by The Hill on Tuesday, an average US household now carries $10,000 in credit card debt, raising the US credit card balance to $1 trillion. 

With a 24 percent average interest rate on a new credit card and monthly payments of $250, this will push households until 2030 to pay off their debt, while spending up to $20,318, twice what was owed. 

According to the Federal Reserve, the US credit card debt stands at $986 billion, showing an increase of $250 billion in two years. Other sources calculate a higher debt.

Related News

US sanctions on Albanese shamefully undermine justice: Amnesty

ICE weaponized Canary Mission to silence student dissent

WalletHub reported $1.2 trillion at the end of 2022. “In 2021, we saw people paying off a record amount of debt,” WalletHub's senior analysis, Jill Gonzalez, said, adding, “People had been saving through 2020, without much to do.”

Read next: US inflation surging, retired becoming homeless

A new survey conducted by the United States' central bank shows that the country's record high inflation has eroded the sense of financial security among US households. The COVID-19 pandemic reached its peak as a global pandemic in 2020, forcing the government to limit people's movement in cities and countries around the globe. 

That said, movement restrictions were gradually removed and spending picked up, and saving slowed down. Simultaneously, the US Federal Reserve commenced an unprecedented campaign of interest rate hikes, amid a soaring inflation rate. 

Credit card debt rose by $86 billion during the fourth quarter of 2022, indicating the largest increase on record. Overall, one-third of US households consider inflation as their current financial challenge, demonstrating an increase of more than 400 percent from 2016. 

  • United States
  • debt crisis
  • Credit Cards
  • US debt

Most Read

Syria demands 1/3 of Golan, Lebanese areas for 'Israel' peace deal

Syria demands 1/3 of Golan, Lebanese areas for 'Israel' normalization

  • MENA
  • 4 Jul 2025
Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Al-Qassam hits IOF groupings in Khan Younis; ‘tough incident’ reported

3 Israeli soldiers killed by Resistance gunfire in south, north Gaza

  • Palestine
  • 4 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Los Angeles police arrest a protester on Wednesday, June 11, 2025, in Los Angeles. (AP)
Politics

ICE weaponized Canary Mission to silence student dissent

Palestinians hold a sign with logo that says "No God But Allah" and "Izz ad-Din al Qassam Brigades" outside the Dome of Rock Mosque, al-Quds , Friday, March 24, 2023 (AP)
Politics

Hamas conducting precision ops., gathering intel despite pressure

Tesla and SpaceX's CEO Elon Musk attends the first plenary session on of the AI Safety Summit at Bletchley Park, on Wednesday, Nov. 1, 2023 in Bletchley, England. (Leon Neal/Pool Photo via AP, File)
Technology

Elon Musk's AI chatbot Grok goes rogue; X CEO steps down

Israeli Prime Minister Benjamin Netanyahu arrives to speak to the media, Tuesday, July 8, 2025, on Capitol Hill in Washington (AP)
Politics

Israeli NGO seeks Netanyahu’s removal, cites rule of law breach

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS