Understanding Credit Card Debt and Interest Rates Amid Rising Inflation
Thursday, 29 August 2024, 14:44
Credit Card Debt Surges Amid Rising Interest Rates
According to the New York Fed, Americans now owe a record $1.14 trillion in credit card debt. Ted Rossman, a senior industry analyst at Bankrate, emphasizes the implications of escalating credit card interest rates amid ongoing inflation.
Impacts on Basic Expenses
As interest rates increase, consumers face challenges managing their basic expenses. Rossman advises strategies to navigate this financial landscape effectively.
Strategies for Managing Debt
- Prioritize high-interest debt repayment
- Consider balance transfers
- Utilize financial tools and resources
For more insights, visit Bankrate.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.