Credit card debt in America recently topped 1-trillion dollars for the first time, according to a recent report from the Federal Reserve Bank of New York. Melody Townsend is a certified financial planner and the owner of Townsend Financial Planning, which is headquartered in Lexington. She said the Federal Reserve’s hiking of interest rates to battle inflation is one factor in the increase.
“It is definitely having a negative impact on clients ability to pay back their credit card debt or consumer debt in general.”
