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Credit Card Debt Is at an All-Time High, Study Shows

According to the most recent quarterly TransUnion report, credit card debt in America hit a record $930.6 billion by the end of 2022. The average credit card balance increased to $5,805. CNBC reports that a study by WalletHub indicates that households are reaching a "breaking point" . They're incurring too much debt in an attempt to stay afloat amid these increasingly expensive times.