One of the greatest challenges currently facing the United States is the massive amount of credit card debt that American families are facing. According to the Federal Reserve Bank of New York 2025 Report, credit card balances are now $1.21 trillion in aggregate. The Fed report continues on that total household debt increased by $185 billion to hit $18.39 trillion in the second quarter, and student loan balances edged up by $7 billion and stood at $1.64 trillion,
In addition, consumers haven’t changed their behavior much in the last five years but are suffering the downside effects of spending with much higher interest rates on those credit cards. The Trump Administration has also capped the amount of student loans a person can…