The credit card crisis

Americans are carrying more than $1.2 trillion in credit card debt, and for a lot of people, it’s not from splurging. It’s everyday stuff: car repairs, medical bills, groceries. And if you only make the minimum payment, that debt can grow exponentially, sticking around for years. The average credit card interest rate today is close to 20%, nearly doubling since 2010. So what’s driving these high rates? Part of it is the broader economy. When the Federal Reserve raises rates to fight inflation, credit card APRs usually go up too. But that’s not the whole story. Credit cards are unsecured loans, meaning there’s no house or car to repossess if you don’t pay. And Americans have become more and more reliant on credit cards as wages stagnate and health care costs continue to rise. Read more about how credit card interest rates are impacting everyone: Why did my interest rate go up on my credit card? | Bankrate https://www.bankrate.com/credit-cards/news/what-to-do-after-card-apr-increase/ Why are credit card interest rates so high? | Nerd Wallet https://www.nerdwallet.com/credit-cards/learn/credit-card-interest-rates-high Why is your credit card rate so high? | Wharton https://knowledge.wharton.upenn.edu/article/why-is-your-credit-card-rate-so-high/ This video is presented by Klarna. Klarna doesn’t have a say in our editorial decisions, but they make videos like this one possible. If you enjoy our reporting and want to hear more from Vox journalists, sign up for our Patreon at patreon.com/vox. Each month, our members get access to exclusive videos, livestreams, and chats with our newsroom. Subscribe to our channel! http://goo.gl/0bsAjO Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com. Watch our full video catalog: http://goo.gl/IZONyE Follow Vox on Facebook: http://goo.gl/U2g06o Or Twitter: http://goo.gl/XFrZ5H

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