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If you came into 2025 feeling the strain of debt, you weren’t alone. By the end of 2024, consumers carried a record $18.4 trillion in debt, according to the Federal Reserve Bank of New York.
Credit cards were responsible for $1.2 trillion of debt, up from the $1.17 trillion owed in the third quarter of 2024. Overall, consumer credit card debt was even more sobering when you consider that the average card interest rate near the end of last year was close to 23%.
The prognosis for that debt doesn’t look any better next…
