Interest rates are also expected to rise...
Officials said those credit card bills are likely going to be harder to pay off because interest rates are also expected to rise.
Americans are making more money, as average hourly earnings have gone up by more than 5% in the past year, but their paychecks aren’t going much further with the highest inflation in 40 years. Analysts say it’s not clear yet if the increase in credit card debt is a sign of confidence in the economy or a sign of concern.
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