You're listening to lifekit from NPR.
Hey, everybody, it's Marielle Seguera.
Today we are talking about debt because this is a weird and painful time in our economy.
Our personal finances as a nation have just done an incredible flip in a very short time.
That's Stacey Vanek Smith, a global economics correspondent for NPR.
She's been taking a deep look at debt in America.
A couple of years ago, when a lot of this government stimulus was coming out, there were enhanced unemployment benefits.
Our country was in kind of better personal financial shape than ever before.
Like, debt was at one of its lowest levels of all time credit card debt.
Also, personal savings rate was near an all time high that is completely reversed.
Prices have been rising.
Government stimulus isn't really happening anymore.
And now credit card debt is rising at one of the fastest rates ever.
And there's this misconception that if you have a giant pile of debt, that's because you lack self discipline.
People associate being in debt with being irresponsible or being careless, like, well, you should just, you know, just spend less.
You should just learn to budget.
And I've talked to a lot of people who are struggling with debt right now.
And almost every case there was just a big life event that happened and they couldn't catch back up.
I mean, I talked to one woman who had gone through a divorce.
She was like in sole custody of three little kids under seven.