People Paid $130B In Credit Card Costs Last Year, Study Shows

Credit card late fees and interest contributed to record-breaking profits for card issuers, CFPB says.

Paying contactless with credit card on a card machine
(Image credit: seksan Mongkhonkhamsao)

The amount of interest and fees Americans paid to credit card companies in 2022 rose to a whopping $130 billion, according to the Consumer Financial Protection Bureau (CFPB). It’s the highest amount the agency has seen since its inception in 2011.  

In the consumer watchdog group's biennial report on the consumer credit card market, the CFPB said that Americans paid $105 billion to credit card companies in interest and another $25 billion in fees in 2022. Total outstanding credit card debt now stands at more than $1 trillion, it added.

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Jamie Feldman

Jamie Feldman is a journalist, essayist and content creator. After building a byline as a lifestyle editor for HuffPost, her articles and editorials have since appeared in Cosmopolitan, Betches, Nylon, Bustle, Parade, and Well+Good. Her journey out of credit card debt, which she chronicles on TikTok, has amassed a loyal social media following. Her story has been featured in Fortune, Business Insider and on The Today Show, NBC Nightly News, CBS News, and NPR. She is currently producing a podcast on the same topic and living in Brooklyn, New York.