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

Name: Americans struggling with credit card debt, record number only making minimum payments
Uploaded: 2025-01-24T09:19:00-0500
Duration: 2 min 18 s
Description: 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.

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.