Explained in plain English
What is 'carrying a balance'?
When you don't pay off your credit card bill in full each month, the remaining amount is called a 'balance'. You then start paying interest on this balance, which makes your debt grow faster. The story suggests more US households are doing this due to high inflation, making it harder to afford daily essentials.
Stories that explain this
US credit card debt hits $1.26tn, near last year's recordThis explainer came from a news story
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