Americans Have More Credit Card Debt Than Ever
Summary
This episode explores the record-high $1.25 trillion in US credit card debt through the story of Melissa, a Maine resident who accumulated $20,000 in debt after her divorce. Host Jessica Mendoza and economist Dan Frosch discuss how inflation and rising interest rates are driving delinquencies across income levels. Melissa shares her journey from financial despair and a suicide attempt to recovery via nonprofit credit counseling, offering lessons on managing debt and avoiding future pitfalls.
Topics discussed
Melissa's story and record US credit card debt
Show intro and sponsor message
Inflation, wages, and rising interest rates
Divorce, emotional spending, and debt spiral
Collection calls, depression, and suicide attempt
Credit counseling and debt management plan
Economic impact of high consumer debt
Melissa's recovery and new financial habits
Crisis resources and show credits
Listen ad-free on Castria