US Consumer Debt Reaches Record High Amid Inflation and Rising Interest Rates.

Chronic inflation in the US is causing credit card debt to soar to a historic $1 trillion, according to LendingTree. The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now, with the average credit card annual percentage rate hitting a new record of 20.33%. The burden of inflation is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations. People are urged to knock down their credit card debt and other high-interest debt to protect themselves for the future.