"Rising Credit Card Debt: Impact on Renters and Low-Income Americans"

Americans are expected to have accumulated a record amount of credit card debt in the last quarter of 2023, driven by high inflation and steep interest rates. The ongoing inflation crisis has led consumers to rely on credit cards to cover everyday expenses, with food prices up 33.7% and shelter costs up 18.7% since the start of 2021. The average credit card APR is at a record high of 20.74%, making it challenging for individuals to pay off their debt. Financial experts advise exploring options such as negotiating for lower APR, utilizing balance transfer cards, and reassessing budgets to tackle debt effectively.