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North Carolinians are grappling with burgeoning credit card debt, with the average individual saddled with a balance nearing $7,000 — a trend mirroring the national predicament, where the total credit card balance has skyrocketed to a record $1.03 trillion as per recent Federal Reserve Bank of New York data. Alarmingly, this surge in debt, marked by a $175 billion increase since the end of 2021, comes amidst steep interest rates, which have not been witnessed in nearly three decades. As of August 14, the average annual percentage rates were 24.37% for new credit cards, 22.16% for cards accruing interest, and 20.68% for all current accounts, indicating a mounting financial pressure on American households. #CreditCardDebt #FinancialCrisis #InterestRates #USDebt
Timestamps:
Economic Headwinds 0:00
Inflation Is Here 3:30
What Can I Do? 9:35
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