Americans are facing financial stress due to the pandemic’s impact on their savings. As a result, they have accumulated over $1.05 trillion in credit card debt, with an average interest rate of 21.5 percent. This is the highest interest rate since the Federal Reserve began monitoring credit card rates in 1994. Furthermore, inflation and rising interest rates have exacerbated this issue, making it more difficult for Americans to manage their finances effectively.
Credit rating company Moody’s has reported that current credit card delinquencies far exceed 2019 levels, highlighting the severity of the situation. Experts suggest that Americans need to take action to reduce their credit card debt and improve their financial well-being.
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