Credit card debt has been soaring in the US, reaching a record $1.17 trillion in the third quarter of 2024, with the share of active credit card holders making just minimum payments rising to 10.75 percent, the highest ever in data going back to 2012. Money owed on revolving credit grew to $645 billion, a 52.5 percent increase since hitting a decade low of $423 billion in the second quarter of 2021.

Lower income Americans without access to credit typically rely on payday loans, with 12 million Americans spending $9 billion on the fees for these loans annually.

Total household debt grew to $17.94 trillion in the same quarter of 2024, with 3.5 percent of outstanding debt in some stage of delinquency.

We would like to hear from Americans who have been or are experiencing issues with credit card or payday loan debt. How has your debt impacted you or your family? What personal issues have you experienced that have contributed to your debt? What solutions or help do you think need to be developed or improved to help you and others?