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Credit card debt has reached a record high. Here’s what it means for the economy.

Credit card debt has reached a record high. Here’s what it means for the economy.

Reading Time: 3 minutesCredit card debt climbed to a record high in the third quarter of 2023, surging nearly 5% from the previous quarter and leaving a growing share of borrowers late on payments, a Federal Reserve report this week showed. The report demonstrates the dwindling savings held by some consumers who amassed a financial buffer during the