"Strategies to Tackle Rising Credit Card Debt in America"

A Bankrate survey reveals that one in three Americans have more credit card debt than savings in 2023 and 2024, with Generation X having the highest average credit card debt of $8,134. The average American household owes $7,951 in credit card debt, and credit card balances increased by about $50 billion in the fourth quarter of 2023. Despite a strong job market, Americans are struggling to keep up with credit card payments, with credit card and auto loan delinquencies rising above pre-pandemic levels, signaling increased financial stress, especially among younger and lower-income households.