New data from the New York Fed’s September 2024 Survey of Consumer Expectations shows the probability of missing a minimum debt payment sometime within the next three months increased to 14.2%.

Lana Linge, who lives in Washington state, said she’s been dealing with credit card debt most of her adult life. “I am in my third cycle of credit card debt at 29 years old,” Linge said.

For the first two cycles, Linge said she was able to pay it off. But after losing her job, paying off the third batch got tougher.

“This summer was the first time I had experienced a month where I was unsure of how I was going to meet my minimum payments,” said Linge.

Unlike many people, Linge is open about her credit card debt. She racks up millions of views on TikTok.

“I have $40,000 in credit card debt. Let’s talk about it,” Linge said in one of her videos that has 2.5 million views. She said her goal with these videos is to normalize discussing financial problems and create solutions instead of isolating yourself, something she experienced firsthand.

“It was something that I would be anxious about when I woke up in the morning and I got anxious about it when I laid down in bed at night,” said Linge.

But Linge isn’t alone. Usha Rackliffe, a finance expert, said many can relate to the survey. As for why concerns continue to rise, Rackliffe believes inflation is a big factor.

“Even though the economy is good, people have jobs, they are feeling overextended,” said Rackliffe. A feeling Linge not only understands but also sees in the comments section of her videos.

“I would say 95% of the responses I have received have been people saying, ‘me too,'” said Linge.

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