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Credit Card Nation: How we went from record savings to record debt in just two years

A little here, a little there

A change in fortune: In just two years, Americans have gone from near record savings and plunging debt, to near record-low savings and sky rocketing credit card debt. What happened? Fajrul Islam/Getty Images

A change in fortune: In just two years, Americans have gone from near record savings and plunging debt, to near record-low savings and sky rocketing credit card debt. What happened? Fajrul Islam/Getty Images

Stephanie Roth, 41, realized just how much her financial situation had deteriorated when she was signing up to bring a dish to the Valentine's Day party at her kids' daycare.

"I used to always be a mom who would sign up for the main stuff like the sandwiches," she says. "You know, the big, expensive things."

A change of fortune

Before the pandemic, Roth was in a good financial situation. She could bring the sandwiches, the soda and the cupcakes. But last month, she realized that was no longer the case.

"I was literally looking at the list thinking, 'What has inflation not messed with?' And I signed up for bananas, because they're still 59 cents a pound."
 

Stephanie Roth and her three children. Roth works full time but struggles to keep up with bills as prices rise. Like millions of Americans, she has found herself in mounting credit card debt. Stephanie Roth
Stephanie Roth and her three children. Roth works full time but struggles to keep up with bills as prices rise. Like millions of Americans, she has found herself in mounting credit card debt.
Stephanie Roth


Roth has three children, ages 2, 4 and 6 and lives in Lebanon, Tennessee, just outside of Nashville.

She has a full time job as an administrative medical assistant, helping adults with disabilities get services. She had never really had debt and had always been good with money. But during the pandemic, Roth went through a divorce and her finances and lifestyle changed dramatically.

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Author: Editors Desk

Source: NPR

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