Add to that more people are carrying debt month to month. Bankrates' Ted Rossman says the reasons are simple. "Between higher day-to-day costs, and higher interest rates: That's what has a lot of people carrying more debt!" Rossman says if you're in this boat - there's one way to at least lessen the load. "My top tip is: Get a 0% interest rate balance transfer credit card. These cards are still widely available."
Rossman also says many people are having to put household essentials on their cards. Just another reason that today more Americans than ever are carrying more credit debt. "Some of it also is that the Pandemic Lockdown Era Breaks have expired. Some of it is that there's a pent up demand for travel and fine dining. But a lot of it is definitely based on higher interest rates!"
In the last quarter of last year. U.S. credit card balances increased $61 billion!