Americans Grapple with Soaring Interest Payments on Credit Cards and Other Debt

• Americans spent over $1.1 trillion on interest payments last quarter, nearly half of which was on non-mortgage debt • Higher interest rates from the Fed are hitting credit cards, auto loans, and student loans especially hard • The Fed raised rates to highest levels in 20 years to fight inflation, which was 2.6% in February • Credit card interest rates jumped from 15% to 21.5% while mortgage rates are lower at 3.8% • Non-mortgage debt service expected to reach historic highs in 2024 due to credit card rates and student loans