Credit Card Debt Increases Nationwide As Inflation Soars


HERE'S TOM COSTELLO. >> Reporter: IN COLORADO, THIS WOMAN AND HER HUSBAND ARE ON A MISSION -- TO KEEP SPENDING DOWN AND PAY OFF THE LAST OF THE $15,000 IN CREDIT CARD DEBT THEY RAN UP AFTER GETTING MARRIED. >> WE WANT TO BE ABLE TO BUY A HOUSE. WE DON'T HAVE A HOUSE YET. AND WE'RE IN OUR 30s. THAT'S HARD. BUT IT'S BECAUSE WE HAVE CREDIT CARD DEBT THINKING WE WOULD BE ABLE TO PAY IT OFF. >> Reporter: NEW DATA SHOWS MANY AMERICANS ARE CHARGING IT. CREDIT CARD DEBT JUMPED 13% IN ONE YEAR. THE BIGGEST INCREASE IN 20 YEARS. AND AMERICANS OPEN 233 MILLION NEW ACCOUNTS, THE MOST SINCE 2008. BALANCES STILL REMAIN BELOW PREPANDEMIC LEVELS, INTEREST RATES NOW AVERAGING 17.4% COULD SOON SOAR TO RECORD HIGHS. AS THE FED CONTINUES HIKING RATES TO FIGHT INFLATION. IF YOU'RE CARRYING HEAVY CREDIT CARD DEBT, FINANCIAL EXPERTS RECOMMEND CUTTING IT DOWN AS FAST AS POSSIBLE. >> THAT RATE IS PROBABLY THREE, FOUR, FIVE TIMES WHAT YOU'RE PAYING ON YOUR MORTGAGE OR CAR LOAN. THE SO DEFINITELY YOU WANT TO BE PAYING DOWN THE CREDIT CARD DEBT. >> Reporter: TRANSFER BALANCES TO CARDS OFFERING 0% RATES.


WILL TURN TO NONPROFIT FINANCIAL COUNSELLORS FOR HELP. THE WHITE HOUSE TODAY NOTING SOME INFLATION RELIEF WITH GAS PRICES NOW AVERAGING $4.16 A GALLON, DOWN 85 CENTS FROM THE RECORD HIGH SET IN JUNE. EXPERTS SAY GAS COULD FALL BELOW $4 A GALLON SOON THOUGH THE .



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