School financial literacy class: How credit card debt has become a burden for Americans

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Specification:

Summary

Credit card debt in the US has surged as more people rely on plastic to cover everyday expenses amid rising prices and stagnant wages. With interest rates at high levels, consumers are finding it harder to pay off balances, while credit card companies continue to profit from fees and interest, raising concerns about long-term financial health.

Click to read the article and then answer the questions:

How credit card debt has become a burden for Americans

Questions

• What factors have contributed to the significant increase in credit card debt in the US since 2021?

• In what ways might the reliance on credit cards reflect broader economic trends or challenges faced by American households?

• What strategies can individuals, especially young adults, employ to manage credit card use responsibly and avoid excessive debt?

Dave Martin, Next Gen Personal Finance