U.S. Credit Card Debt Hits Record High Amid Rising Interest Rates

Young consumers face mounting financial stress as student loan payments resume, contributing to increased credit card delinquencies.

Credit card debt in the U.S. has reached a record $1.13 trillion, with young people facing the highest delinquency rates.
Interest rates on credit cards have soared, making it harder for consumers to manage their debt.
The resumption of student loan payments is contributing to increased financial stress and higher credit card delinquencies.
Credit card rewards and benefits are being reimagined to attract younger consumers, amid rising costs and financial challenges.
Experts advise consumers to seek lower interest rates, prioritize high-rate debt, and consider credit counseling to manage rising credit card debt.