Personal Finance

Credit card debt is $930 billion. What the candidates would do to help

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If you’re like many Americans, you’re carrying a balance on your credit cards.

And the candidate you choose in November for president could have an affect on how well you grapple with those debts.

The latest numbers from the Federal Reserve show that credit card balances climbed to $930 billion in the fourth quarter of 2019 — a $46 billion increase from the previous quarter.

Average credit card debt per household is now $8,701, according to the latest estimates from personal finance website WalletHub.

An analysis by the Urban Institute found that individuals who live in southern states — particularly Mississippi — are more likely to be delinquent on their credit cards. Those who are behind on their balances also tend to be young, between ages 18 to 34, low income and lacking in financial knowledge, the Washington, D.C.-based think tank found.

As Sen. Bernie Sanders, I-Vt., has emerged as a Democratic front runner in the 2020 presidential race, he has also set himself apart as the candidate who has made credit issues the biggest priority, according to Ted Rossman, industry analyst at CreditCards.com.

“He seems to have the most to say and the most specific things to say about credit,” Rossman said.

That’s after he teamed up with Rep. Alexandria Ocasio-Cortez, D-N.Y., last year to propose a bill that would put a 15% interest rate cap on credit cards, an idea he has also carried over to his presidential campaign platform.

“That bill hasn’t gone…



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