Financial Experts Advise on Managing Rising Credit Card Debt Amid Economic Challenges
Amidst a backdrop of economic challenges such as layoffs, tariffs, and inflation, American households are increasingly struggling with credit card debt. According to recent data from the New York Fed's Household Debt and Credit Report, there has been a notable increase in the number of borrowers falling into 'serious delinquency,' defined as being more than 90 days late on payments. Specifically, credit card delinquencies have risen to 7.13%. Financial experts suggest several strategies to manage this debt, including balance transfers to cards with lower interest rates, contacting lenders for hardship programs, and considering credit counseling. These measures aim to provide temporary relief and help individuals regain financial stability. 
