U.S. credit card balances have soared to more than $1 trillion, marking a significant milestone in consumer finance. However, in real terms, these balances are lower, indicating a complex financial landscape. Interest rates on credit cards have reached a record high, outpacing those for personal and auto loans, which have also seen considerable increases. This surge in credit card debt and fees, which have risen by 50% since President Biden took office, reflects a broader financial strain on Americans. The cost of non-mortgage interest payments has hit a record $573.4 billion annually, closely following mortgage interest expenses. In 2023, credit card holders paid around $157 billion in interest and fees, a sharp increase from previous years, contributing to a total debt of $1.13 trillion by the last quarter. This growing financial burden is occurring amidst a backdrop of banks enjoying record profits from credit card loans, partly due to the Federal Reserve's decision to raise interest rates to their highest in nearly a quarter-century. A recent poll highlighted that 28% of Americans see credit card debt as a major financial pressure, with 80% citing inflation, which has reached a cumulative 18.5% since January 2021, as their top concern.