Your Money Matters: Credit Card Debt In The U.S.

Economists believe the Federal Reserve will start cutting interest rates next month.

Until then borrowing money remains very expensive, especially for people with credit card debt. A new report from the Federal Reserve Bank of New York shows U.S. card balances hit another new record at more than $1.1 trillion in the second quarter. That's up 45 percent from 2021.

Another survey shows half of all credit card holders carry debt from month to month and the average interest rate is near a record high of almost 21 percent.