Soaring Credit Card Debt and Dwindling Savings Put Squeeze on American Households

Credit card balances surpassed $1 trillion for the first time in Q4 2022, up 13% year-over-year across all risk tiers
Average credit card interest rates now exceed 27% as the Fed has aggressively hiked rates to curb inflation
Unsecured personal loan balances also increased to over $245 billion as borrowers seek to consolidate debt
Over half of middle-class and younger Americans said current savings wouldn't last 3 months if they lost income
Inflation and rising costs were cited as the top financial concern and reason savings goals are being derailed