Key facts
- US credit card debt has reached a record $1.25 trillion.
- Higher interest rates and inflation are contributing to the debt increase.
- More consumers are becoming late on credit card payments.
The total credit card debt held by Americans has climbed to a record $1.25 trillion. This surge is attributed to a combination of soaring interest rates and persistent inflation, which are making it increasingly difficult for consumers to manage their balances. Consequently, a growing number of individuals are falling behind on their payments or are unable to pay at all. The Wall Street Journal's Dan Frosch reported on the factors driving this debt growth and potential avenues for consumers seeking assistance, with Jessica Mendoza hosting the discussion.