"Rising Consumer Debt: The Cost of Emergency Expenses and Holiday Spending"

A Bankrate report shows that 49% of credit card holders carry a balance, up from 39% in 2021, with 43% attributing their debt to unexpected or emergency expenses. The average interest rate on credit card debt has risen to 22.77%, making it costly to carry a balance. Financial experts advise against using credit cards for emergency expenses due to high interest rates, recommending the use of an emergency fund instead. Options for managing credit card debt include negotiating lower interest rates, utilizing balance transfer cards, and consolidating debt with a personal loan, but caution is advised due to potential risks.