00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Americans are increasingly relying on credit cards as financial pressures mount, according to CNBC.
00:09Credit card balances rose $22 billion in the third quarter to a record $1.29 trillion,
00:16according to the Federal Reserve Bank of New York.
00:18Balances increased 4.2% year over year.
00:22Total household debt climbed $334 billion to a record $19.1 trillion.
00:28A separate TransUnion report found the average credit card balance rose 2.4% to $6,678.
00:37The number of credit card holders increased 2% to $178 million.
00:42New credit card offers carry an average interest rate of nearly 24%, according to LendingTree.
00:48New York Fed researchers said borrowers with lower incomes and credit scores
00:52are showing higher levels of financial distress amid persistent inflation and rising borrowing costs.
00:59For all things money, visit Benzinga.com.
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