High Inflation and Interest Rates Make Paying Down Soaring Credit Card Debt a Struggle for Many Americans
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Americans owe over $1 trillion in credit card debt, up 70 million accounts since 2019. High inflation makes it harder to pay down.
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Interest rates remain high, around 20.68% APR on average. This is up significantly from 14.58% in 2020.
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38% of Americans say they'll likely need to use credit cards for expenses they didn't before. Many are living paycheck to paycheck.
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71% of Americans see the economy as not so good or poor. It's a top concern for the presidential election.
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Options to pay down debt quickly include personal loans, balance transfer cards, and payment strategies like avalanche or snowball methods.