How the Government is Causing a Credit Card Debt Crisis

Source: Foundation for Economic Education
by Brad Polumbo

“Inflation still isn’t letting up, and it’s a top concern for Americans right now. But we just learned of yet another way surging prices are hurting families — leading them into huge amounts of credit card debt. … Americans now owe $887 billion in credit card debt, according to the Federal Reserve Bank of New York. That’s up 13% from 2021! Credit card debt is nothing to sneeze at. Because of the way it’s structured, it can quickly become exorbitantly expensive and ultimately cost much more than the original purchases.” (09/20/22)