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This burgeoning credit card debt is a fragment of a much larger puzzle. Overall, American household debt has skyrocketed to nearly $18.04 trillion, with an increase of $93 billion noted by the end of 2024. Compounding the situation are historically high interest rates; credit card APRs have surged to 24.2%, while those with poor credit ratings are facing rates exceeding 30%. The financial burden on consumers has intensified as wages fail to keep pace with inflation and living costs.