A recent study from NerdWallet has disclosed that one-third of Americans think they will remain in credit card debt indefinitely. NerdWallet Credit Card Specialist and Contributor Sara Rathner appears on Yahoo Finance Live to talk about the consistent increase in household liabilities.
Rathner points out that credit card balances have risen by 16% in the past year, while interest rates have surged to an average of 22%. “Earnings are simply not keeping pace with the price of goods,” she states, as the prices of consumer products have increased by 20%, while earnings have only gone up by 12%. This expanding disparity leaves many Americans at risk of amassing credit card debt that they struggle to repay.
“Often, credit card debt is perceived as stemming from unnecessary spending,” Rathner informs Yahoo Finance, adding: “however, we’ve actually discovered that many Americans incur debt merely to cover their basic needs.”
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