Brandon Arnold: Spike in credit card debt could have ‘cascading' effect on the economy

National Taxpayers Union Executive Vice President Brandon Arnold says he is greatly concern with the high rate of inflation and the rise in interest rates. “That’s why you’re seeing credit card debt and home and auto loan debt really starting to pile up. We’re over $1 trillion in collective credit card debt right now and with interest rates at record highs with regard to recent history, then you’re starting to see it become more and more difficult to pay off those credit card bills,” says Arnold.