While the Federal Reserve keeps moving up rates of interest, debt will become more expensive and harder to escape.
More data from CreditCards.com likewise reports that if Americans lose their jobs, paying off their credit cards won’t even be in the realm of possibilities.
More than half of Americans who currently maintain credit card debt claim job loss would negatively impact their ability to make minimum payments each month.
No sign of letting up
Economists continue to project inflation lasting for at least the next several years. This means high prices, advancing interest rates, and growing hardships with debt are here to stay.
Some Americans have begun turning to the gig economy and second jobs in order to make ends meet. However, the interest rates that accompany debt are ongoing hurdles that will increase the difficulty of escaping credit card debt.
What’s truly unfortunate is that some struggling people don’t have any other options. With prices growing and resources becoming more scarce, certain folks have to choose between going into credit card debt or not putting food on the table.
