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Exploring the impact of rising credit card debt in America, personal stories of debt struggles, the influence of credit card usage on credit scores, reviewing overpriced services, the historical context of credit card debt, and navigating complexities of buy now, pay later services.
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- 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.
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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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