Americans Struggle Under Mounting Credit Card Debt As Interest Rates Soar

Record high credit card balances mean households will pay over $1,000 on average in interest charges alone this year.
While interest rates have increased due to the Federal Reserve raising rates, consumers can take steps to pay off debt and reduce costs.
Utilizing balance transfer offers, debt payoff methods, and cutting back spending are some of the most effective ways Americans can regain control of their finances.
Credit card companies and consumers need to work together to find solutions to rising debt levels that now surpass pre-pandemic figures.
Choosing credit cards based on need rather than rewards and using credit responsibly are key to avoiding long-term debt.