It’s no secret that recent years have not been very kind to most Americans’ wallets or bank accounts. From the harsh COVID lockdowns that adversely impacted people’s jobs to a rise of inflation, a lot of folks are having trouble making ends meet.
This is why people are turning to second jobs and gig work as a means of bringing in more income. With interest rates also on the rise, money doesn’t go as far as it used to. Put simply, the average American needs more and more funds just to avoid financial decimation.
With good-paying jobs being harder to come upon, people are running up credit card balances just to meet their most basic needs. This has since resulted in Americans collectively carrying over $1 trillion in credit card debt.
A closer look at the causes
Just yesterday, the Federal Reserve Bank of New York confirmed credit card debt in this nation now supersedes $1 trillion. Further information revealed that car loans and interest rate upticks have significantly contributed to the debt crisis that Americans face today.
