U.S. credit card debt

Today we are going to share an article regarding U.S. credit card debt. Experts like Rakeen Mabud point out that the Federal Reserve’s rate hikes are making life harder for those who rely on credit cards. Interest rates are becoming a bigger burden than inflation itself.

The credit industry’s lack of competition is also a factor. With fewer options, credit card companies are charging record-high APRs. This is making it tough for consumers to break free from debt. Additionally, new financial tech products like “buy now, pay later” are making it easier for consumers to spend. Another thing to keep in mind is that these products often don’t follow the same rules as traditional credit cards. Therefore these products are adding to debt without having the proper protection in place.

In conclusion, the rise in credit card debt shows how inflation and high interest rates are hitting lower-income families hard, even though their struggles may not immediately affect the overall economy. Where do we go from here and how can we decrease credit card debt? Only time will tell.

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