Increase in Consumer Credit Card Debt is a debt Crisis , Option A is the correct answer.
What is Consumer Credit Card Debt ?
It is the debt which has been accumulated due to the consumers buying products and services out of the credit card and not paying them back in the period of 90 days.
In USA , the credit card balance is $841 billion in the first quarter of 2022 , which is $15 billion less form the last year but at a significant peak.
This extent of the consumer debt is a debt crisis.
The debt on the bank increases as the debt on the consumer increases , causing in bank recession and a recession brings harm to the economy , It is a crisis situation and need to be handled before it affects the market.
Therefore increase in Consumer Credit Card Debt is a debt Crisis , Option A is the correct answer.
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