Americans struggling with credit card debt, record number only making minimum payments

A report from the Philadelphia Federal Reserve shows a record-high number of Americans are only paying the minimum monthly payment on their credit card bills, peaking at nearly 11% of all accounts in the third quarter of 2024. Ted Rossman, senior industry analyst at Bankrate, joined CBS News to discuss the issue.

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Americans struggling with credit card debt, record number only making minimum payments

Topics

Related

What is the credit card debt collection process?

A record number of consumers are making minimum credit cards payments as delinquencies also rise

'I got a credit card as I lost winter fuel payment'

Record number of consumers are making minimum credit cards payments as delinquencies rise

5 important credit card debt relief moves to make this January

Can I qualify for credit card debt forgiveness with a low credit score?

Is it legal for a credit card company to sell your delinquent debt?

What proof must credit card debt collectors provide for a debt?

3 big reasons to pursue credit card debt forgiveness this January

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