"Rising Consumer Debt: America's Credit Card Crisis"
A Bankrate report reveals that nearly half of credit card holders in the US are carrying debt from month to month, with over half of them having done so for over a year. The report also highlights that 10% of those with credit card debt do not believe they will ever be able to pay it off, while 25% expect it to take at least five years. The surge in credit card debt comes amid record-high interest rates, with the average APR hitting 20.72%. This trend is attributed to the need to cover emergency expenses and day-to-day costs, exacerbated by the current high inflation, which is disproportionately affecting low-income Americans.