Inflation is driving up consumer credit card debt by billions of dollars

every year. This is because inflation causes the price of goods and services to increase, meaning that consumers must incur more debt in order to pay for those goods and services. As inflation increases, wages may not always keep up, leading to increased consumer debt. Additionally, rising levels of income inequality can also contribute to increased consumer debt, as some individuals and households may take on more debt in order to keep up with their peers.