Credit card debt in U.S tops $1 trillion
Some economists cite inflation and using credit cards to pay monthly bills as a reason for the spike.
Since the start of the pandemic, Americans have opened more than 70 million new credit card accounts. In addition to the quantity of cards, the average interest rates for new cards have also been rising, reaching 22.2% in May.
Reset learns what this means for the average consumer, and best practices for getting out of credit card debt.
GUEST: Michelle Singletary, personal finance columnist, The Washington Post
More From
Reset with Sasha-Ann Simons
Credit card debt in U.S tops $1 trillion
Some economists cite inflation and using credit cards to pay monthly bills as a reason for the spike.
Since the start of the pandemic, Americans have opened more than 70 million new credit card accounts. In addition to the quantity of cards, the average interest rates for new cards have also been rising, reaching 22.2% in May.
Reset learns what this means for the average consumer, and best practices for getting out of credit card debt.
GUEST: Michelle Singletary, personal finance columnist, The Washington Post