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FOR YOUR PRECIOUS METALS NEEDS SD BULLION IS THE BEST PLACE TO SHOP IT'S WHERE I BUY. https://sdbullion.com/jbtv ? PLEASE HELP TO SUPPORT MY CHANNEL. PLEASE SEND MAIL & DONATIONS TO P.O. BOX 580937 NORTH PALM SPRINGS CA 92258-0937 ? PAYPAL DONATIONS: https://jeremiahbabe.com Credit card debt has been on the rise in recent years, and recent reports show it continues to soar. In 2024, Americans are facing record-high levels of credit card debt, driven by a combination of inflation, rising interest rates, and an increasing reliance on credit for everyday expenses. Here’s a breakdown of why this is happening: 1. Inflation and Rising Costs of Living With inflation driving up the cost of groceries, gas, and housing, many people have turned to credit cards to make ends meet. This has been especially true for low- and middle-income households. Even as wages have increased for some, they have not kept pace with rising living costs, pushing people to rely on credit for non-discretionary spending. 2. Higher Interest Rates The Federal Reserve has raised interest rates multiple times to curb inflation, and credit card rates are often tied to these changes. As a result, credit card holders are seeing their interest rates climb, leading to higher monthly payments and increased debt burdens. With many credit cards carrying interest rates in the 20-30% range, this makes it even harder for consumers to pay down balances, creating a cycle of mounting debt. 3. Increased Use of Credit for Everyday Expenses As more people struggle to make ends meet, some have begun to use credit cards for routine purchases, like groceries or gas, which were once paid for with cash or debit cards. Additionally, some consumers are relying on credit cards for emergencies, medical bills, and other unexpected costs. 4. Consumer Spending Behavior After the pandemic, there was a surge in pent-up demand, leading to increased consumer spending. The rise in credit card usage was, in part, fueled by this desire to return to normalcy, indulge in experiences, or make long-delayed purchases. Many consumers also turned to "buy now, pay later" (BNPL) schemes, which often use credit cards as the primary payment method, contributing further to debt. 5