Credit card debt in the United States has soared to unprecedented heights, reaching a record $1.7 trillion in the first quarter of 2023. This alarming surge has sparked concerns among economists and financial experts, who warn of a potential crisis if left unchecked. Factors contributing to this debt epidemic include rising inflation, economic uncertainty, and a shift towards cashless transactions. As interest rates continue to climb, the burden of repaying this colossal debt is weighing heavily on consumers, threatening to derail the nation’s economic recovery.