As the pandemic continues to impact the global economy, financial stress is becoming increasingly common for Americans who had no savings before it hit. Inflation, rising interest rates, and the end of pandemic-related aid have led to a historic increase in credit card debt. Experts estimate that Americans accumulated over $1.05 trillion on their credit cards in the third quarter of 2023, with the average interest rate at around 21.5 percent, the highest since the Federal Reserve began monitoring credit card rates in 1994.
In addition to these challenges, many Americans are also struggling with credit card delinquencies. A recent report from credit rating company Moody’s revealed that current delinquencies far exceed 2019 levels, indicating that many people are finding it difficult to keep up with their payments.
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