Have you felt increasingly overwhelmed by the growing numbers on your monthly credit card bills? Switching to your debit card and paying the minimum payment may not be enough to quickly eliminate the debt.
The recent rise in credit card debt is unprecedented. Between December 2021 and December 2022, total balances jumped by $130 billion, the largest annual increase the Federal Reserve had ever seen.
"It's been a long time since we had any sort of (pandemic) stimulus payment, and a lot of people are feeling that pinch. Because they don't have that help anymore and groceries and medical bills are costing more," said Sara Rathner, a credit card expert at NerdWallet. "We are seeing people turn to their credit cards more to make ends meet."
