Credit card debt relief could make sense for many borrowers this November. KimberlyDeprey/Getty Images

American credit card debt is now at record levels, topping out at over $1.21 trillion, as of the most recent numbers.

When you throw in inflation and how high credit card rates are — even despite recent Federal Reserve rate cuts — those debts are becoming increasingly problematic for many consumers.

"Credit card debt remains at record highs, driven by persistent inflation and elevated interest rates that make carrying a balance more costly," says Gina Seibert, chief financial officer at PSECU credit union. "Many households are relying on credit cards to manage everyday expenses, which means balances are staying higher for longer. Americans are also paying more in interest

See Full Page