Christmas is over and now comes the financial hangover. In an episode from earlier this year, guest host Jonquilyn Hill looks into the root causes of America's record-high credit card debt. This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard and Amina Al-Sadi, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Jonquilyn Hill. Transcript at vox.com/today-explained-podcast Support Today, Explained by becoming a Vox Member today: http://www.vox.com/members Learn more about your ad choices. Visit podcastchoices.com/adchoices
Full Episode
There was this brief moment a couple years ago when it looked like Americans just might finally get their credit card spending in check. We were spending less during COVID and those federal stimulus checks meant a lot of us were actually making more money.
But then when those ended and inflation reared its ugly head and came back around, it really caught people off guard and they're digging themselves deeper and deeper into debt in order to make ends meet.
Over the past year and a half, as Americans were putting more on their credit cards than ever before, interest rates rose on those cards by nearly a third.
I could put all of my entire paycheck towards paying it off for the entire year, and it would still take me about two years to pay it all off. Plus interest.
Coming up on Today Explained, we're revisiting an episode from earlier this year about how Americans racked up over a trillion dollars in credit card debt and what it'll take to get out of it.
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