DEVELOPING: Credit Card Debt Crisis Unfolds: Urgent Strategies to Save You Thousands.

BREAKING NEWS Credit Card Debt Crisis Unfolds: Urgent Strategies to Save You Thousands The Federal Reserve Bank of New York reports a record high credit card debt in the United States, reaching $1.21 trillion in the second quarter of 2025, a 5.87% increase from last year. IMMEDIATE IMPACT With interest rates often exceeding 20%, this staggering amount can be overwhelming for many Americans, leaving them struggling to stay afloat financially. The crisis is particularly concerning as job growth slows and inflation rises, exacerbating the financial burden on households. BACKGROUND CONTEXT The cost of living has been increasing steadily, making it challenging for individuals to manage their expenses and debt payments. Credit card balances have been rising, and more Americans are falling behind on their bills. CURRENT STATUS AND NEXT DEVELOPMENTS A special newsletter series, "Guide to Paying Off Credit Card Debt," is being offered by Life Kit to help individuals create a credit card payment plan that works with their budget. The weekly newsletter will provide tips on how to save money and make meaningful progress in paying off debt. DEVELOPING STORY DISCLAIMER This is a developing story, and we will continue to bring you updates as more information becomes available. For now, it's essential for individuals struggling with credit card debt to seek guidance from financial experts and explore strategies to manage their debt effectively. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Npr.*