Credit card debt in the U.S. has skyrocketed to $1.2 trillion, with the average American owing $6,523. This surge in borrowing, driven by stagnant wages and rising costs, is a growing concern for financial stability and economic growth. Delinquencies are also rising, with more households struggling to keep up with payments. While credit utilization rates have remained steady, high interest rates, averaging over 22%, continue to pose challenges for households managing their debt.
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