Top view of a broke man with a lot of debt giving up and feeling overwhelmed in front of too many bills

How Americans deal with Debts

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The race to repay debts is on. Americans collectively amassed a staggering credit card debt of $1.13 trillion, marking a 5% increase, equivalent to $50 billion. The influence of credit cards is gaining momentum as they are more readily accessible in the US compared to traditional loans, prompting many Americans to acquire multiple credit cards.

While inflation has impacted consumers across the board, the spike in prices for essential needs like food, gas, and housing has significantly affected expenditures. These daily expenses, coupled with persistent inflation, contribute to the ongoing accumulation of debt from month to month.

Compounding the situation, Millennials and individuals aged 30 to 39 often carry the additional burden of student loan debt. Simultaneously, rising interest rates add to the challenges.

Despite the overall positive trajectory of the US economy, the daily struggles faced by consumers persist, fueled by the compounding effects of inflation and increasing interest rates.

Source: Jessica Dickler, 2024 “Credit card debt hits a ‘staggering’ $1.13 trillion. Here’s why so many Americans are under pressure”,, February, 6th 2024,