A report from the Philadelphia Federal Reserve also shows a record-high number of Americans are only paying the minimum monthly payment on their credit card bills, peaking at nearly 11% of all accounts in the third quarter of 2024. Ted Rossman, senior industry analyst at Bankrate, joined CBS News to discuss the issue.

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Meet 27-year-old Paul. He’s dedicated his life to the pursuit of pleasure. Trouble is his finances can’t keep up. Despite earning £1800 a month, his debt has reached a hair-raising £36,000. Paul works as an event and music promoter, but for him, every day is a big event. His dream is to run his own company catering to the jet-set. In reality, he’s heading for skid row.

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Meet Samantha, she’s only 21, but already she’s double her age in debt, that’s a staggering £42,000 accumulated in just 3 years. Anything she wants, she just has to have it. She’s engaged to be married, owns her own home, is on her 4th brand new car, and she still keeps spending. The only thing she doesn’t have is the cash to pay for it all. At just 21, Sam’s future is bleak.

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36-year-old Marlon loves to shop. This gadget man, computer-wizz earns £30,000 a year. But, a spending addiction fueled by nine credit cards has left Marlon £20,000 in debt.

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Welcome to The Dave Ramsey Show like you’ve never seen it before. On this channel, you will find all of the greatest highlights from The Dave Ramsey Show! The show also live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from our Ramsey Personalities —as well as all kinds of other video pieces that we’ll unveil every day.

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They don’t come much cheekier than Tommy. This 20-year-old bank clerk is a self-confessed shopping addict. In the two years since he started working, he’s managed to land himself with a credit card debt of £14,500, a monstrous debt which is eating up his modest take-home salary of £10,000. Tommy’s passion for the high life has plunged him deep into the red.

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