Nick Wolney, a finance journalist and managing editor at CNET, dives into the alarming state of America's credit card debt. He discusses the staggering rise in debt post-COVID and the harsh realities of high interest rates, now averaging 21.59%. Wolney highlights misconceptions about minimum payments and the long-term impact on consumers, particularly Gen Z. The conversation also explores the evolution of credit card interest rates, the rise of 'Buy Now, Pay Later' options, and the urgent need for financial literacy and policy reform.

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.