Exploring the growing issue of credit card debt, the chapter highlights the challenges individuals face in managing high balances and interest rates. Personal stories shed light on the struggles of accumulating debt, seeking debt consolidation, and facing financial setbacks like job loss during COVID. The narrative also delves into the influence of credit card usage on credit scores and the importance of financial literacy in navigating the world of credit.
Americans owe more than $1 trillion to credit card companies, a record sum that’s likely to keep growing as rising interest rates prevent cardholders from paying down their debt. CNET’s Nick Wolny explains.
This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard and Amina Al-Sadi, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Jonquilyn Hill.
Transcript at vox.com/today-explained-podcast
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