Overview

• Credit card debt in the U.S. has reached a record $1.13 trillion, with young people facing the highest delinquency rates.
• Interest rates on credit cards have soared, making it harder for consumers to manage their debt.
• The resumption of student loan payments is contributing to increased financial stress and higher credit card delinquencies.
• Credit card rewards and benefits are being reimagined to attract younger consumers, amid rising costs and financial challenges.
• Experts advise consumers to seek lower interest rates, prioritize high-rate debt, and consider credit counseling to manage rising credit card debt.