Credit card debt in the US just hit a record $1.17 trillion, and a lot of people are barely keeping up. More and more folks are stuck making only minimum payments, and interest rates are insanely high.
I’ve seen so many stories of people drowning in debt—medical bills, job loss, student loans, even just trying to cover basic living expenses. It feels impossible to get ahead.
Is anyone else dealing with this? Have you found anything that actually helps?
It’s brutal. My husband and I have about $20k in credit card debt, mostly from medical bills that insurance wouldn’t cover. Feels like no matter how much we pay, it barely makes a dent.
Aris said:
It’s brutal. My husband and I have about $20k in credit card debt, mostly from medical bills that insurance wouldn’t cover. Feels like no matter how much we pay, it barely makes a dent.
Same here. My medical bills put me in deep debt too. Did you try negotiating with the hospital? Sometimes they’ll lower the balance or put you on a payment plan.
I lost my job last year and was denied unemployment because I was a subcontractor. My credit card debt has doubled since then, and I can’t find a job. It’s awful.
Wendell said:
I lost my job last year and was denied unemployment because I was a subcontractor. My credit card debt has doubled since then, and I can’t find a job. It’s awful.
That’s rough. Have you looked into any assistance programs? Some non-profits help with debt relief or job placement.
Even with a six-figure salary, I’m still buried in credit card debt. I had to use my cards for school, and now the interest rates are killing me. It feels like I’ll never pay it off.
Van said:
Even with a six-figure salary, I’m still buried in credit card debt. I had to use my cards for school, and now the interest rates are killing me. It feels like I’ll never pay it off.
That’s wild. Shouldn’t student loans cover tuition AND living expenses? Seems crazy that people have to rely on credit cards just to get through school.
I’ve been retired for a few years, but I’m still living paycheck to paycheck. Social security barely covers anything, so I’ve had to put groceries and bills on credit cards. It’s just constant stress.
Drew said:
I’ve been retired for a few years, but I’m still living paycheck to paycheck. Social security barely covers anything, so I’ve had to put groceries and bills on credit cards. It’s just constant stress.
That’s the worst part—credit cards aren’t just for ‘extras’ anymore. People are using them for rent, food, and basic bills. Something’s broken in the system.
Senators are trying to push a bill to cap credit card interest rates at 10% for five years. Right now, the average is almost 30%. Would that actually help, or is it just political talk?
Luca said:
Senators are trying to push a bill to cap credit card interest rates at 10% for five years. Right now, the average is almost 30%. Would that actually help, or is it just political talk?
It would help a little, but banks would find other ways to make money. Lower interest rates won’t fix the fact that wages aren’t keeping up with costs.
I maxed out my credit cards after losing my small business during the pandemic. Even with a new job, I can’t catch up. Took out two personal loans, got a third credit card, and now everything is maxed out again. My stress is through the roof.
@Shawn
That sounds exhausting. Have you looked at debt consolidation? Might be worth a shot if you haven’t already.
Payday loans are the worst trap. I got one a few years ago just to cover a paycheck gap, and they kept offering me more. Ended up in a cycle I couldn’t get out of, and it trashed my credit.
Rex said:
Payday loans are the worst trap. I got one a few years ago just to cover a paycheck gap, and they kept offering me more. Ended up in a cycle I couldn’t get out of, and it trashed my credit.
Payday lenders are shady. They target people in desperate situations, then charge insane interest rates. It should be illegal.