Rising Credit Card Debt Amid Inflation

Inflation and the end of federal stimulus checks have led to an alarming increase in Americans' credit card debt, surpassing one trillion dollars. Many individuals are relying on credit cards to bridge the gap, resulting in record-high interest rates, averaging over 21%. As households struggle to meet their financial obligations, they are accumulating debt that can take years to pay off. For instance, carrying a $1,000 balance at current rates could incur nearly $1,200 in interest, illustrating the severity of the financial burden faced by consumers.