Credit card debt has been rising at one of the fastest rates in history.
The amount Americans owed on credit cards hit an record high of over $1.2 trillion at the end of 2024.
And people are not only spending more on plastic, they’re also paying down less, carrying high balances and shelling out more for late fees.
A third of Americans now have more credit card debt than emergency savings, according to an annual survey from Bankrate.
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
Coming up at 9 a.m. on Monday, MPR News host Angela Davis talks about why credit card debt is growing and strategies for tackling it.
And we want to hear from you, too.
Are you struggling with credit card debt? What kinds of purchases have pushed you into carrying a high balance? If you’ve been able to pay off credit card debt, how did you do it?
Call us during the 9 a.m. hour at 651-227-6000 or 800-242-2828.
Guests:
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Chris Farrell is a senior economics contributor for MPR News and Marketplace. His new 12-part series for Marketplace, “Buy Now, Pay Later,” focuses on the worrisome trend of older Americans carrying debt into retirement.
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Joanne Lundberg is the financial counseling supervisor at LSS Financial Counseling, a service of Lutheran Social Service of Minnesota. She is based in Duluth.
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