Americans' Credit Card Debt Soars to Over $1 Trillion as Inflation Causes Hardship

Credit card debt has reached record levels, exceeding $1 trillion for the first time in Q2 2022.
Higher prices and reduced incomes have led more consumers to rely on credit cards to cover expenses.
Interest rates on credit cards are climbing, making it more difficult for borrowers to pay down balances.
Delinquencies on credit card payments have increased but remain near pre-pandemic levels.
With student loan payments resuming soon, borrowers may face additional strain in managing debt obligations.