Consumer Debt Reaches Record High as Americans Seek Alternative Lending Options
Total U.S. consumer debt surpassed $17.5 trillion in late 2024, with credit card balances alone exceeding $1.1 trillion for the first time in history. The surge reflects ongoing inflation pressures and elevated interest rates that have squeezed household budgets across all income levels. Financial analysts warn the trend shows no signs of reversing, prompting increased…