Middle-class Americans are struggling with credit card debt, with 43% of those in debt holding a four-year university or master’s degree. Despite a drop in inflation, consumers are using credit cards to finance their living expenses, leading to record household debt of $1.23 trillion in credit card balances alone.

Many middle-class families are finding it difficult to afford basic necessities, with one-third facing financial strain. President Trump dismisses affordability concerns, but the high cost of living post-pandemic is driving Americans to rely on credit cards to make ends meet.

Despite a decrease in the inflation rate, prices have risen by 25% over the past 5 years, leading to a potential increase in credit card debt. A majority of U.S. workers carry personal debt, with 58% having credit card debt, highlighting the financial struggles faced by many Americans.

If you’re overwhelmed by credit card debt, there are options available. Consider debt repayment methods like the avalanche or snowball method, balance transfers, or debt consolidation. Seeking help from credit counseling services, negotiating with creditors, cutting back on spending, or increasing income are also viable solutions.

It’s essential to take proactive steps to address credit card debt and avoid more financial strain. By exploring different repayment strategies, seeking assistance, and making adjustments to spending habits or income sources, individuals can work towards reducing and managing their debt effectively.

Read more at Yahoo Finance: Credit card debt overwhelming better-educated US households. How to tackle your debt