When retirement is 19 credit cards and $40,000 in debt away
Business Insider
February 15, 2026
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Susan Cannon, a 73-year-old resident of rural Texas, faces a daunting financial challenge: $39,440 in credit card debt spread across 19 cards with interest rates ranging from 12.15% to 34.99%. Despite making more than the minimum monthly payments, her efforts are hampered by spiraling interest costs, leaving her unable to reduce her balance. The pandemic exacerbated her struggles after she lost her part-time job as a mystery shopper, forcing her to rely on Social Security, her pension, and credit cards for essentials like groceries and gas. Cannon highlights the broader issue of sky-high credit card interest rates, which have pushed U.S. credit card debt to record levels, with inflation and stagnant wages driving consumers to rely on credit.
The problem is compounded by the fact that high-interest store cards often entice customers with discounts, trapping many in a cycle of debt. Advocates for lower interest rate caps, including bipartisan lawmakers and President Trump, argue that such measures would alleviate financial strain on millions. However, banks and financial institutions counter that capping rates could limit credit availability and push consumers toward riskier alternatives like payday loans.
Economic conditions play a significant role in rising credit card debt, as many Americans struggle to meet expenses due to slow wage growth and high living costs. Susan Cannon’s situation is not unique; millions of Americans are trapped in similar cycles of debt, making the issue a pressing concern for policymakers and consumers alike. While she finds hope in potential interest rate caps, experts warn that such measures could have unintended consequences, including reduced credit access for those who rely on it most.
The debate over credit card interest rates is part of a larger conversation about financial policy and consumer protections. As inflation continues to rise and economic uncertainty looms, the need for solutions that balance creditor interests with borrower needs becomes increasingly urgent. Susan Cannon’s story serves as a stark reminder of the human toll of high-debt systems, urging policymakers to consider the real-world impacts of their decisions on everyday Americans.
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Originally published on Business Insider on 2/15/2026