"Rising Credit Card Debt Puts Renters and Low-Income Americans at Risk"

Despite a healthy U.S. economy, lower- and middle-income Americans, particularly renters, are struggling with credit card debt and falling behind on payments, exacerbated by inflation and the recent resumption of student loan payments. Credit card delinquency rates and charge-off rates are at record levels, with renters feeling the pinch of rising costs, while wealthier homeowners and stock market investors fare better. Major credit card companies like Synchrony, Discover, and American Express are seeing increased delinquencies and charge-offs, reflecting the financial strain on consumers. The Federal Reserve's first interest rate cut is likely months away, and banks are being more conservative in giving out loans, making it difficult for struggling Americans to refinance their high-interest debts.