27 November 2023
About 25% of Americans are still paying off 2022 holiday debt, per WalletHub’s survey. With higher interest rates, now nearly 21% up from 16% since March 2020, credit card debt is becoming costlier and harder to pay off. Bankrate’s Ted Rossman advises against accruing more debt, noting even a $1,000 balance could lead to 40 months of debt and $390 in interest at the current rate if only minimum payments are made.