Americans have become saddled with credit card debt as rent and everyday prices remain high

Despite the overall health of the U.S. economy, certain segments of the population are facing financial challenges.

Many Americans, particularly those in lower- and middle-income brackets who are often renters, have depleted their savings and accumulated high credit card balances while grappling with inflation for over two years.

Concerns among experts are rising as these individuals may be falling behind on their debts, with the potential for further deterioration of their financial well-being in the coming year, especially for those who have recently restarted paying off student loans.

In the third quarter of 2023, Americans carried a historic high of over $1.05 trillion on their credit cards, a figure expected to rise further with the impending release of the fourth-quarter data by the Federal Deposit Insurance Corp. next month, the Associated Press reported.

READ MORE: https://apnews.com/article/debt-credit-cards-delinquencies-scores-renters-85aab5e510f531df140f99629a4f60c3

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