Credit Card Debt Soars to Over $1 Trillion as High Inflation Strains Americans' Finances
-
Credit card debt expected to hit fresh record high of over $1 trillion according to New York Fed data, up from $800 billion before pandemic.
-
Driven by high inflation and interest rates making cost of living more expensive for Americans.
-
Average credit card APR hit new high of 20.72%, meaning higher debt costs for consumers over time.
-
Particularly challenging for lower income households struggling with steeper prices for necessities like food and rent.
-
Experts advise exploring options like balance transfers, budgeting, and improving credit score to tackle increasing card debt.