Financial collapse causing rising credit card debt across U.S.

The Federal Reserve Bank of New York issued a new report that highlights credit card debt rising across the United States, according to a press release. The report noted that in the third quarter of 2012, overall debt in the U.S. rose $74 billion, while $2 billion of that money was related to credit card debt.

Data from TransUnion showed that the average credit card debt holder in the U.S. had close to $5,000 in credit card debt. In 2013, it is projected that credit card debt will rise to $5,446 by the end of the year.

Furthermore, it is predicted that more Americans will be overdue by more than 90 days in their credit card bills. Finance experts and officials say that the jump in credit card debt is because banks are giving credit to those who cannot afford to pay it back.

According to a study by Ohio State, younger Americans will most likely have credit card debt for the rest of their lives. The research discovered that those in their 20s and 30s have more credit card debt and pay down their credit card debt at a slower rate than their elders.

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