The nation's credit card debt reaches an all-time high of $1 trillion in 2022, according to the Consumer Financial Protection Bureau (CFPB). The report highlights increased late fees, rising debt, and the prevalence of 'persistent debt,' where consumers pay more in interest and fees than the principal owed. Industry profits soar, driven by high APR margins and dominance by the top 10 credit card companies. The shift to digital communication for managing card usage is notable, impacting consumer practices and debt collection strategies.
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