Credit cards are the Achilles’ heel for most people.
Collectively, Americans now owe $1.13 trillion on their cards and the average balance per consumer is up to $6,360, both historic highs.
Not only are more cardholders carrying debt from month to month but they are also increasingly falling behind on payments, recent reports show.
“Even though dealing with $1 trillion in credit card debt can be overwhelming, the reality is that this figure is expected to ascend,” said Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers.
“Americans are still contending with lingering inflation and the ongoing rise in intere…
Read the full article at: https://www.cnbc.com/2024/02/12/in-credit-card-debt-here-are-some-expert-tips-to-help-pay-it-off.html