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This can lead to a mountain of debt that buries you financially.
Today, many Americans find themselves in this situation credit card debt is on the rise nationwide.
Credit card balances increased by a whopping $27 billion, reaching a total of $1.14 trillion.
One huge driver behind ballooning credit card debt: inflation theU.S.
Bureau of Labor Statisticsindicated that consumer prices rose 3% between June 2023 to June 2024 alone.
You might be wondering who finds themselves in the most credit card debt.
Well, two generations in particular are seeing theircredit card debtincrease the most: Gen Z and millennials.
In some U.S. metro areas, these generations have a particularly high average credit card balance.
Augusta, Georgia
2.
Charleston, South Carolina
3.
Charlotte, North Carolina
4.
Fayetteville, Arizona
5.
Honolulu, Hawaii
6.
Huntsville, Alabama
7.
Lakeland, Florida
8.
Oxnard, California
9.
Palm Bay, Florida
10.
Provo, Utah
11.
San Francisco, California
12.
Tucson, Arizona
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