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DeepNewz, mobile.
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Americans are facing financial stress due to rising credit card fees and debt. Credit card users experienced a 50% increase in fees, reaching $157 billion in interest and fees in 2023. Defaults have spiked to a 13-year high, with debt levels rising amidst record bank profits.
Once-robust companies have collapsed under the weight of falling sales and rising interest rates. And the situation is getting worse. As corporate defaults rise, advisers on restructuring are raking it in https://t.co/twYULowOJj 👇
A poll earlier in the month showed that 28% of Americans identified credit card debt as a major financial pressure point, with 80% pinpointing inflation as their principal concern. Since January 2021, when President Biden commenced his term, inflation has cumulatively hit 18.5%.…
The trend of escalating debt is taking place against a backdrop of banks enjoying record profits from credit card loans, in part due to the Federal Reserve elevating interest rates to their highest in nearly a quarter-century. The Federal Reserve opted not to change the rate on…
