‘Am I doomed forever?’: Credit card debt overwhelming better-educated US households. How to tackle your debt

Core Insights - The article highlights the increasing burden of credit card debt on American households, particularly among middle-class and well-educated individuals, despite a recent slowdown in inflation [1][6][18] - It emphasizes that a significant portion of Americans are relying on credit cards to manage their living expenses, with many struggling to afford basic necessities [2][4][6] Group 1: Credit Card Debt Statistics - American household debt, including credit card debt, is at a record high, with credit card balances reaching $1.23 trillion as of Q3 2025 [3] - 43% of Americans struggling with credit card debt hold a four-year university or master's degree, an increase from 34% in 2021 [5] - 85% of U.S. workers carry some form of personal debt, with 58% specifically carrying credit card debt [7] Group 2: Consumer Behavior and Economic Impact - Inflation has slowed to 2.7% in November, but consumers have been financing their expenses through credit card debt, leading to over-indebtedness [1][4] - One-third of middle-class families are reported to be struggling to afford basic necessities such as food, housing, and child care [2][4] - The reliance on credit cards is not limited to low-income households, indicating a broader economic issue affecting various income levels [3][6] Group 3: Debt Management Strategies - The article suggests various methods for managing credit card debt, including the avalanche and snowball repayment methods, balance transfers, and debt consolidation loans [10][12][13] - Seeking help from credit counseling services is recommended for those feeling overwhelmed by debt [14] - It also discusses the importance of reducing spending and increasing income as strategies to manage debt effectively [15][16]