As inflation rises, and prices at the gas pump and grocery store continue to soar, more and more people are turning to credit cards to handle everyday expenses.
While credit cards can be a powerful financial tool that offers many benefits, running up your credit cards balances could have serious financial consequences in the future. U.S. consumers now owe $986 billion on their charge cards, according to Federal Reserve Bank of New York data released in May. Thats a 17% jump from a year ago and a record high, according to analysts at Bankrate. LendingTree reports that the median credit card debt per American family is $2,700, while the average is $6,270. Consumers average credit card balance is $5,910 (up from $5,315 in 2020). And …
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