In my late 20s when I had $140 in the bank and scary credit card debt I realized I had to do something. Significantly the plastic card we all now carry was named a credit card and not a go-into-debt card. It is not surprising then that credit card debt has been rising steadily since cards came into widespread use in the late 1960s and 1970s. The Federal Reserve did not track credit card debt until 1968 at which time it totaled $1.3 billion. There are credit card debt counselors, credit card debt support groups, credit card debt consolidators and budgeting software, all of which of course adds more expense to one's budget.

Source: Forbes January 01, 2019 16:07 UTC