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.

Interest rate hikes remain especially problematic for one clear reason. The higher the interest, the harder it becomes for indebted individuals to pay off what they owe and attain debt-free status.

In some of the worst case scenarios, many financially strapped individuals find themselves only able to pay such a modest amount that it's just going to interest and not the debt itself that's rapidly accumulating more interest.

Desperation continues to spread as more people reach into their 401k accounts (if they even have them to begin with) and otherwise look for any means possible to bring in more money.

A major issue going into 2024

With the 2024 presidential election coming up, the economy is one issue that will undoubtedly be top of mind for many voters. Candidates on both sides of the aisle will hence have to explain how their policies will improve America's collective financial standing.

So far, on the campaign trails nationwide, both Republican and Democratic contenders are tackling economic matters in a way that showcase their own policies as the solution.