US residents accumulate millions of dollars in credit card debt

It is no secret that the world’s population is living in a period of inflation, after the global health crisis, and the population of North America or the population of that country is not spared from that. Because of this, they pulled out credit cards and racked up millions of dollars in debt, according to official data.

The United States is going through one of its worst inflationary crises, according to some specialists, the worst in 50 years. The most vulnerable sectors, such as the elderly, retirees, the disabled, large low-income families, students burdened with college debt, recent immigrants, and even the middle class, have been forced to overextend their credit cards, accumulating more debt.

A report by the Diario de las Americas newspaper indicates that the real income of households in the United States decreased by more than 7 thousand dollars, amid an adverse economy. For this reason, more than 90 million North Americans and foreign residents of that country have to work to make ends meet and have to take advantage of credit cards with interest rates greater than 18% which can be as high as 23%.

Credit cards in the United States: a partial “salvation”.

The indiscriminate use of credit cards in the United States, which can have minimum payments of more than $200 per month, can lead to financial disaster.

In general, a resident of the aforementioned country owns three to five credit cards, and to this are added the expenses of rent or mortgage, rent or car purchase payments, insurance, electricity, petrol, food, medicine, personal and household hygiene, household items, etc.

And this month, the Federal Reserve Bank of St. Louis reported that Americans now owe $1 trillion in credit card debt, a negative record and deeply troubling as the crisis continues. In addition, interest rates from banks and lenders have reached their highest levels and continue to rise.

According to WalletHub, the average American household has more than $10,000 in credit card debt alone, not including mortgages. Another study, this time from Northwestern Mutual, indicates that Americans owe an average of $21,000 per household, and most of that money is due to credit card use.

What are the most popular credit cards in the United States? The major international card systems are there, so the most used ones are Visa, Mastercard, and amexpressAnd discover diners.