Posted 12/5/2023, 1:58:02 PM
Americans Earning More but Sinking in Debt as Costs Outpace Wages
- Americans are earning 37% more but still struggling with debt due to rising costs and interest rates
- Households enrolled in debt resolution programs had higher debt loads and lower credit scores than in 2020
- Consumers are running into financial issues earlier, with more millennials enrolling in programs
- Credit card debt has spiked significantly, with delinquencies increasing across age groups
- Consumers should beware of deferred interest financing tricks during the holiday shopping season