Consumer debt jumps to highest level in a decade

Debit Card Fraud

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By WVUA 23 Digital Reporter Kyrsten Eller

New data from the Federal Reserve has shown that in February, consumer debt jumped to the highest level in 10 years and overall debt has jumped by nearly $42 billion.

Chief Brand Officer David Michalek said the cost of borrowing is climbing and revolving credit has jumped more than 20 percent.

“I know this is easier said than done, but you should pay down those credit card bills and keep them paid off,” said Michalek. “Try to use them as cash if you can, meaning use the card then pay it off every month.”

Categories: Regional and US News