Credit card debt increases nationwide as inflation soars

As inflation soars, new data shows that many Americans are charging their credit cards more. Credit card debt has jumped 13 percent in one year, the biggest increase in 20 years. While balances still remain below pre-pandemic levels, interest rates could soon soar to record highs as the Fed continues to hike rates. Meanwhile, the White House is noting some inflation relief with gas prices now averaging $4.16 per gallon.