Credit card questions: 'Don't judge why other people go into debt,' expert says
Card debt is at a record high. More Americans are upside down on their car loans than ever.
From the rising costs of just about everything to layoffs or wages that just don’t cover the bills, there’s a number of reasons why people are racking up debt, says Jill Schlesinger, a CBS News business analyst and host of “Jill on Money.”
“During the pandemic, we saved a lot of money. And then as we started to see the economy open up, a lot of those savings were spent,” she says. “People then were spending on things they really needed — goods, things like cars — to get to work. Services started to cost more and we ate through our savings. And many people actually ended up borrowing money either through a credit card, or an auto loan, or personal loan, to finance some of their
