"Rising Debt: The Growing Financial Burden on Americans"

According to a report from the Federal Reserve Bank of New York, U.S. households are grappling with a record $1.13 trillion in credit card debt, signaling increasing financial strain, particularly among younger and lower-income Americans. Factors such as inflation and higher interest rates are contributing to this rise in debt, with 49% of credit cardholders carrying debt from month to month. Additionally, credit card delinquencies have surged by over 50% in the past year, reaching 6.4% of all accounts being 90 days past due, while mortgage and auto loan balances have also increased.