"Rising Inflation Pushes American Credit Card Debt to Record $1 Trillion"

Credit card debt in the US is expected to reach a historic $1 trillion, surpassing the previous high of $986 billion, as Americans struggle with rising inflation and the increasing cost of everyday necessities. The average credit card annual percentage rate (APR) has hit a record high of 20.53%, making it more difficult for people to pay off their debts. The burden of inflation is disproportionately affecting low-income Americans, who are already struggling to make ends meet. Experts advise credit card holders to explore options such as negotiating for lower APRs, utilizing balance transfer cards, reassessing budgets, and focusing on improving credit scores to tackle debt effectively.