Americans are carrying $1.25 trillion in credit card debt, the highest on record, with balances surging $400 billion between 2022-2025—the fastest four-year increase ever recorded. The average credit card APR is 23.75%, and 60% of cardholders carry balances month-to-month, paying high interest on essential purchases like groceries and gas during inflation. This represents a dangerous cycle where consumers pay 23% interest on debt accumulated for basic survival expenses, while total US household debt has reached an all-time record of $18.8 trillion.
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Americans Are Carrying $1.25 Trillion in Credit Card Debt — At 23% Interest With No Relief ComingAdded:
Americans are now carrying 1.25 trillion dollars in credit card debt. This is a record-breaking surge. In mid-2021, balances fell to 800 billion. Then inflation hit gas and groceries and debt exploded. Balances surged 400 billion dollars in just 4 years. That is the fastest 4-year increase [music] ever recorded. The average interest rate is now 23.75% and the Fed has not [music] cut rates once this year. 60% of card holders carry a balance month to month. They are paying 23% interest just to survive.
Total debt hit 18.8 trillion. Is this a manageable reality for you or a trap you cannot get out of?
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