Your Money Minute Growing Debt Issues For Americans 9/10/25
Sep 10, 2025
Americans are facing a widening debt crisis that touches every income level, not just low-income families. The discussion reveals alarming trends in rising credit card debt, fueled by inflation and stagnant wages. As financial pressures mount, consumers are grappling with increasingly challenging circumstances in managing their finances. Tune in to understand the complexities of this pressing issue and its implications on everyday life.
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Debt, Not Income, Drives Trouble
- Credit card debt is harming people across income levels, from $40k to $400k earners.
- The core issue is debt level, not income, which pushes consumers into trouble when interest exceeds payments.
Widespread Carrying Of Credit Card Balances
- Two in five Americans carry month-to-month credit card debt with an average balance near $6,500.
- High interest rates and modest raises leave many consumers treading water against inflation.
High Interest Rates Accelerate Debt
- If you can't pay credit card balances, interest compounds and quickly deepens debt.
- With card rates up to 35%, balances can escalate much faster than typical raises offset them.