each year. This increase in debt can lead to financial insecurity, as it becomes more difficult to pay off the debt. Rising interest rates can make it even harder to pay off the debt, as more of a consumer’s money is needed to pay off the debt. In addition, increasing unemployment rates create financial concerns as households are forced to rely on their credit cards to cover basic living expenses. Ways to prevent credit card debt include setting a budget and limiting purchases, paying more than the minimum payment, and regularly monitoring activity and balances.
