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Today, Explained
We’re drowning in credit card debt
Jun 12, 2024
In this discussion, finance journalist Nick Wolney unpacks the staggering reality of over $1 trillion in credit card debt plaguing Americans today. He explores the impact of rising interest rates and the struggles faced by younger generations like Gen Z. Personal stories highlight the challenges of financial instability and the need for improved financial literacy. Wolney also delves into budgeting strategies and the effects of the 2009 CARD Act, emphasizing the urgent need to navigate these complexities for a healthier financial future.
26:04
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Quick takeaways
- Americans owe over $1 trillion in credit card debt due to rising interest rates and financial struggles post-COVID.
- High average credit card interest rates at 21.59% highlight the importance of financial literacy and impact of minimum payments.
Deep dives
Rising Credit Card Debt Amid Economic Changes
Americans experienced a period during COVID where they were spending less and even had additional income from stimulus checks. However, when inflation surged and stimulus ended, many individuals found themselves accumulating more debt to cover expenses. Over the past year and a half, credit card interest rates surged by nearly a third, leading to Americans racking up over a trillion dollars in credit card debt. This trend highlights the struggle of individuals trying to cope with financial challenges.
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