Debt Ensnaring More Americans

High interest rates and inflation have led to an unfortunate record-breaking milestone: U.S. credit card debt has topped $1 trillion for the first time ever, according to information gathered by the Federal Reserve Bank of New York.

More people have had to tap into savings and retirement accounts to make ends meet, indicating increasing cracks and fissures in the financial structures of households around the country. In October, federal student loan payments will begin cycling again, making that another monthly bill that could strain the bank accounts of even more Americans.

What evidence of increased financial pressures on American households has your ministry seen, and what new programs have you put in place as a result?

The 300+ organizations in Citygate Network membership seek to move people in desperate situations and destitute conditions (i.e., hungry, homeless, abused, and addicted) from human suffering to human flourishing through the process of gospel-powered life transformation. If you or someone you love is in need of Christ-centered compassion and care, please visit our member locator page today to find a mission near you.