Cash-poor Americans paid $8 billion more for loans last year. Here's how to avoid hidden costs

For millions of Americans living paycheck to paycheck, borrowing has become a necessary survival tool. Limited savings make cash-poor consumers rely on credit for emergencies.

The troubling trend indicates that even high earners are cash-poor, with one in seven making over $75,000 a year, highlighting the widespread financial instability.

Despite a slight decline in unplanned expenses, the actual costs of borrowing have continued to rise, forcing consumers deeper into debt.

A new report shows credit card debt is nearing $1.17 trillion, reflecting consumer reliance on high-interest credit for holiday spending amidst stagnant wages.

Read at Fast Company