Americans sink into historic credit card debt, $1.14 trillion in unpaid balances

The Federal Reserve’s strategy to lower inflation involved raising interest rates. However, after 11 rate hikes, credit card debt has become unmanageable for many Americans. According to a report from the New York Federal Reserve, credit card debt continues to reach record highs. The latest data revealed that Americans collectively owe more than $1.14 trillion on their credit cards. Balances rose by $27 billion in the second quarter of 2024 alone, marking a nearly 6% increase from 2023. Credit cards have become one of the most expensive ways to borrow...