Americans are carrying more credit card debt than ever before, and financial experts say high interest rates are making it increasingly difficult for borrowers to get ahead.
According to the Federal Reserve Bank of New York, Americans owe about $1.25 trillion in credit card debt, while total household debt has climbed to a record $18.8 trillion.
Credit card delinquency rates also remain elevated, a sign that many families are struggling to keep up with payments.
For Shanika Hampton, the debt started after an unexpected layoff.
“I was making the minimum payments, but with credit card debt and interest, the minimum payment isn’t really much, especially if you’re still using the card,” Hampton said. “You’re accumulating that…