Household Debt Climbs Past $16 Trillion as Inflation Wrecks Family Finances

With inflation running out of control and higher prices squeezing family budgets, more Americans are turning to credit cards to bridge the gap. That’s led to the biggest leap in credit card balances in 20 years. Household debt is now at its highest level ever, climbing past $16 trillion – a 13% increase in the past year. Americans are treading water. Roughly, 125 million people are living paycheck to paycheck according to financepond.com. That’s 54% of the U.S. adult population.

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