"Persistent Holiday Debt Lingers for 25% of Americans in 2022"

A quarter of Americans are still carrying holiday debt from 2022, with credit card balances rising to $1.08 trillion in the third quarter of this year. Experts warn that elevated interest rates could extend the time it takes to pay off debt, with it potentially taking 40 months to pay off a $1,000 credit card bill. As Americans continue to grapple with inflation's impact on household budgets, almost a fifth of Americans plan to apply for a new credit card to help pay for holiday shopping this year. Experts advise paying off credit card balances in full to avoid interest and utilizing credit card rewards programs, but caution against taking on more debt just for rewards.