Credit card debt is a growing issue nationwide — with the total amount of card debt in the U.S. recently surpassing $1.14 trillion, a record high. While there are numerous factors driving the trend, inflation has been one of the more impactful.

Americans can’t remember a time when it cost as much to carry a credit-card balance. Banks have been raising interest rates on credit cards for years, and some are lifting them higher still to recoup the revenue they fear losing from a new cap on late fees.

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