Financial experts warn of rising credit card debt amid tariff concerns

Credit card debt in the U.S. has reached a record high of $1.21 trillion, with around 48% of Americans reporting they have such debt. Financial experts, including Ted Rossman from Bankrate, express concern over the potential exacerbation of this issue due to President Trump's tariffs, which could increase consumer expenses. The average household carries approximately $6,600 in credit card debt, and making minimum payments at an average 20% interest rate could lead to 18 years of debt and $10,000 in interest. Rising costs in housing, medical care, and other necessities further strain American finances, prompting advice to pay off as much debt as possible and consider 0% interest card transfers.