Americans owing record credit card debt are carrying debt for longer

The video discusses the rising credit card debt in the U.S., highlighting a record high of over $1.1 trillion. It examines the impact of high interest rates and inflation on consumers, with many carrying debt month-to-month. The Federal Reserve's potential rate cuts are explored, though immediate relief is unlikely. The video also covers the long-term cost of making minimum payments and the strategies consumers use to manage debt.

What is the estimated time it would take to pay off the average credit card balance if only minimum payments are made?

What are consumers doing to manage their debt as mentioned in the text?