Middle- and Lower-Income Groups Struggle with Soaring Debt as Inflation Outpaces Wages

Americans have over $1 trillion in credit card debt, a record high, with delinquency rates rising.

Lower- and middle-income groups are falling behind on debts due to battling high inflation without wage growth.

These groups tend to be renters without the wealth gains from property or stocks to weather inflation.

The restart of student loan repayments could further strain their ability to pay debts.

Banks are being conservative in lending, so refinancing high-interest debts will be difficult.