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Rising Credit Card Debt: A Looming Crisis for American Consumers

Rising Credit Card Debt: A Looming Crisis for American Consumers

A recent Bankrate survey highlights the alarming rise in credit card debt among Americans, with the Federal Reserve Bank of New York reporting a staggering $1.14 trillion owed. The survey reveals that over 50% of Americans are carrying higher credit card balances compared to March 2020, a significant increase from 44% in January. This surge in debt is attributed to inflation and high interest rates, making it increasingly difficult for consumers to pay off their balances. Strategic Wealth Partners CEO Mark Tepper emphasizes the urgency of prioritizing credit card debt repayment, as it typically carries the highest interest rates. Moreover, Tepper warns of a hidden danger in "buy now, pay later" schemes, which have amassed around $700 billion in debt not reflected in credit reports. As economic pressures mount, low and middle-income families are feeling the brunt, with many struggling to make ends meet, raising concerns about a potential consumer credit crisis.

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