Commentary: Credit Card Debt Is On The Rise

   Credit card debt in the US has hit a record $930 billion, with rising delinquency rates among young adults, posing significant financial challenges that require urgent attention.

  • Record High Credit Card Balances: Total credit card debt has surged to $930 billion, marking a historic peak. This surpasses the previous high in 2008 during the financial crisis.

  • Increasing Delinquency Rates: The portion of credit card debt in serious delinquency, where payments are over 90 days late, has risen significantly. This trend is especially pronounced among young adults aged 18 to 29, reaching levels not seen since 2010.

  • Impact on Financial Health: Accumulating credit card debt at a young age can severely impact financial futures. It limits the ability to make major life purchases, such as homes or starting families, and can lead to long-term financial stress.

  • Negative Consequences: High levels of debt contribute to negative attitudes and affect personal well-being, potentially impacting job prospects and social life due to financial constraints.

  • Call to Action: Urgent measures are advised to address this growing issue, including cutting unnecessary expenses, generating additional income through side jobs like Uber driving, and aggressively paying down debt to regain financial freedom and stability.

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