Posted 1/9/2024, 7:10:32 PM
Soaring Prices and Stagnant Wages Push More Americans into 'Forever' Credit Card Debt
- One-third of Americans believe they will be in credit card debt indefinitely
- Credit card balances have climbed 16% over the past year while interest rates spiked an average of 22%
- Cost of consumer goods is up 20% while incomes rose only 12%, widening the gap and making people vulnerable to accumulating debt
- Many Americans take on credit card debt trying to afford necessities rather than frivolous spending
- Higher interest rates make it harder for indebted Americans to pay off debt