Dolewite

Dolewite

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Americans Racking Up More Credit Debt

Phishing credit card for information

Photo: Getty Images

As inflation continues to trend upwards, more and more Americans are leaning on credit to cover their expenses. Consumer credit - including credit cards, student loans, and auto loans - went up nearly 7% in the month of October, while credit card balances shot up 15% in the third quarter of the year. All that debt could be tough to climb out of, with interest rates going up significantly in 2022.


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