It can be pretty easy to find yourself drowning in debt, especially in today's inflationary environment. OsakaWayne Studios/Getty Images

The current economic environment has pushed debt problems to a breaking point for millions of Americans. With inflation still a concern , rising costs across housing, food and essential services have forced more people to rely on credit cards and loans to maintain their standard of living. As a result, the total credit card debt nationwide recently reached a new record high of $1.21 trillion , with credit card balances growing at a rapid pace. Persistent inflation isn't the only issue at hand, either. Elevated interest rates and wages that haven't kept pace with inflation have also helped to create a perfect storm for debt accumulation.

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