Why now is a crucial time to pay off your credit card debt

For Americans who lacked savings prior to the pandemic, financial stress is rising. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say, with rising and worrying delinquencies. In the third quarter of 2023, Americans held more than $1.05 trillion on their credit cards, a record. Those with ballooning credit card debt should consider a number of approaches, including asking their credit card company for a lower rate and paying off the cards that charge them the most to borrow.