"Fifty years since the signing of the ECOA, use of credit cards has become ubiquitous in the economy. The upside is that Americans are able to access funds in an efficient and convenient way, and the majority pay off their balances in full each month. However 46 percent of cardholders carried a balance on a credit card for at least one month in the past year, according to a May 2025 Federal Reserve study, using 2024 data."
"Still, outstanding credit card debt stood at $1.233 trillion as of the end of September 2025, according to the most recent data from the Federal Reserve Bank of New York. The sheer numbers involved mean that when the president recently posted, We will no longer let the American Public be ripped off by credit card companies that are charging interest rates of 20 to 30%, millions of those who carry credit balances were encouraged."
Modern credit cards began in 1950 with Diners Club and expanded as banks issued cards across the 1950s. The Equal Credit Opportunity Act of 1974 prohibited creditor discrimination by race, color, religion, national origin, sex, marital status, age, or participation in public assistance programs. Credit card use is ubiquitous and convenient, and most cardholders pay balances in full. A May 2025 Federal Reserve study using 2024 data found 46 percent of cardholders carried a balance at least one month, down 11 percentage points since 2015. Outstanding credit card debt totaled $1.233 trillion at the end of September 2025. Proposals to cap interest rates face likely need for congressional action.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]