American debt has been rising steadily for almost a decade now. And according to the Federal Reserve Bank of New York, consumers now owe about $126 billion total across all debt types and over $1 trillion in just credit card debt. What’s worse? Credit card balances climbed almost 5% in the third quarter of 2023 alone.
That last note is important, as credit card debt typically comes with very high interest rates (currently over 21%, on average), making it very easy to fall into a cycle of debt. You make minimum payments, the interest keeps climbing and it seems like you can never get…
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