"Rising Credit Card Balances and Delinquencies: A Warning for Consumers"

The average credit card balance has surged to a record $6,360, with more consumers falling behind on payments and carrying debt from month to month. Delinquency rates have spiked, and serious delinquencies are at their highest level since 2009. Despite rising inflation, credit card interest rates have hit a record high of 20.74%, making it costly for those carrying a balance. Millennials, burdened by student loan debt and housing affordability issues, are increasingly turning to credit cards. Tips to tackle credit card debt include signing up for a 0% balance transfer card, refinancing into a lower-interest personal loan, or negotiating a lower annual percentage rate with the card issuer.