Growing numbers of people are struggling as inflation spirals to new heights. With the growth of inflation comes the rise of interest rates as well. Ironically, the Federal Reserve declares interest rate increases are designed to lower inflation; yet, this hasn’t happened.
Unfortunately, amid growing costs just to make ends meet, more and more people are struggling. People are having a hard time putting food on the table, finding childcare, and otherwise getting through the month with bills paid.
All of this is now leading to more people taking on credit card debt.
The rise of credit card debt across the nation
According to CreditCards.com, six out of ten Americans who have credit cards are maintaining balances for no less than 12 months.
Furthermore, this carrying of credit card balances remains most common amongst people with fewer financial resources; this is widely recognized among individuals earning under $50,000 on an annual basis.
Collectively, Americans are carrying more than $800 billion in credit card debt. As inflation keeps on growing, this number may very well increase.
