As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming

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Total credit card debt hit a new high of $1.03 trillion, according to the New York Fed. High balances may stress cardholders as student loan payments resume.

Although delinquency rates are still low by historical standards, rising balances may present challenges for some borrowers going forward, particularly when student loan payments"The resumption of student loan payments will be a huge test for many cardholders, shrinking

the amount they have to devote to paying off card debt and leaving some people simply unable to make minimum payments at all," said Matt Schulz, LendingTree's chief credit analyst.Here's a look at more stories on how to manage, grow and protect your money for the years ahead.

 

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