Americans are being CRUSHED by credit card debt and it's about to get worse

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Let’s talk about some of the few key factors that are contributing to the issue at hand.
One major contributing factor in the credit card industry is predatory rates. So not only are credit card interest rates rising in accordance with the Fed’s rate hikes the past year, but they’re also exorbitantly high, for no good reason. USA Today recently reported that certain store credit cards have climbed to record high interest rates of 33%.
The sad truth is these companies can charge whatever they want. Store cards, of course, are the worst offenders, but most, if not all, credit card interest rates are extremely predatory.
There’s no protection for you as a consumer, these banks and lenders will do whatever they can to get their hooks into people, and they prey on a lack of financial education.
Another problem, of course, is inflation. The cost of everything has risen, and sadly many consumers are in such a dire financial situation that they cannot afford these price increases – so they rely on credit cards to fund their lifestyle, and then get stuck in a vicious cycle.
We’ve also seen student loan payments resuming late last year. This has put many Americans in a serious financial crunch. The average student loan payment is in the $200-300 range, although some borrowers have much higher payments.
It’s more important than ever to understand the consequences of taking on consumer debt and to know when and how to use credit cards. Credit is a resource and a tool. But it can also cause financial ruin, anxiety, and devastation.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.