Credit card debt reaches record high

A Federal Reserve report shows credit card debt has reached a record $1 trillion, but balance transfer credit cards could help some get out of debt.

Posted: Jan 15, 2018 4:28 PM

(NBC News) A just-released Federal Reserve report shows credit card debt has reached a record high at $1 trillion.

Survey results from CreditCard.com found that those in debt are outright pessimistic about digging their way out.

"About two thirds of American adults with debt aren't convinced that they're ever going to get out of it," said Matt Schulz of CreditCard.com

Schulz says their survey comes at the beginning of a year where debt could get worse because interest rates are rising and wages are still stagnant.

But, Schulz says the most effective way out is a balance transfer credit card. 

Nerdwallet just released its top ten balance transfer cards, which Schulz says are attractive because they are interest-free. Even though balance transfer cards can be tricky, because of fees and strict deadlines, Schulz says they are still a god-send.

Read more: http://nbcnews.to/2D7f8nP

New York Coronavirus Cases

County data is updated nightly.

Cases: 2066989

Reported Deaths: 52611
CountyCasesDeaths
Kings27515910235
Queens2723029785
Suffolk1983523365
Nassau1813753158
Bronx1801106498
New York1359564416
Westchester1283032262
Erie872971765
Richmond734501794
Monroe651661057
Orange47547810
Rockland46511952
Onondaga37558668
Dutchess28937442
Albany24270348
Oneida22021503
Niagara19398349
Broome18127355
Saratoga14924165
Ulster13638250
Schenectady12835195
Rensselaer11002140
Putnam1048891
Chautauqua8703140
Chemung7435134
Oswego732390
Ontario723492
Steuben6639143
Sullivan647272
St. Lawrence641596
Cayuga611292
Jefferson576766
Wayne554667
Cattaraugus546586
Genesee5286121
Herkimer5054107
Clinton475133
Madison441488
Fulton428190
Livingston425658
Tompkins419350
Montgomery4146121
Columbia3944101
Cortland367960
Tioga361861
Warren352957
Wyoming344951
Allegany335384
Chenango335376
Otsego335347
Greene329775
Washington302755
Orleans299283
Lewis260734
Franklin250312
Delaware229037
Seneca196256
Schoharie163216
Essex156326
Yates115626
Schuyler102614
Hamilton3042
Unassigned13458
Out of NY0231
Utica
Cloudy
43° wxIcon
Hi: 46° Lo: 40°
Feels Like: 43°
Oneonta
Cloudy
41° wxIcon
Hi: 43° Lo: 40°
Feels Like: 37°
Herkimer
Cloudy
43° wxIcon
Hi: 49° Lo: 43°
Feels Like: 43°
Old Forge
Cloudy
43° wxIcon
Hi: 44° Lo: 40°
Feels Like: 43°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Looking for work or looking to hire? Check out the WKTV Job Fair!
Saluting Those Who Are Proud 2 Serve