Americans’ total credit card debt reached a record $930.6 billion in the fourth quarter, up 18.5% from a year earlier, according to TransUnion.
Inflation is driving people to put everyday expenses on their credit card or to turn to subprime and personal loans, says Michele Raneri, vice president of U.S. research and consulting at TransUnion.
“Whether it’s shopping for a new car or buying eggs in the grocery store, consumers continue to be impacted in ways big and small by both high inflation and the interest rate hikes by the Federal Reserve,” Raneri says
Until inflation subsides to its historic norm of 2%, “We fully expect consumers to continue to look to credit products such as credit cards, HELOCs (home equity lines of credit) and unsecured personal loans to help make ends meet.”
Credit Cards RUIN more people than anything else !!!!! Revolving credit should be ILLEGAL !!!!!
they cause many bankruptys
Bankruptys on the way
They should be forced by law to enter DMP’s when people need it & cut the Totals in Half !!!!!
Yet tonites state of the union we will once again hear the state of our union is GOOD.
BULLSHIP. Tell the truth. Its not well at all. Debt here, debt there, supply chains still back to normal. But it will be a cold day in hell if we didnt have our new shiny cell phones or bling. College debt, credit card debt, fake unemployment rates. Yet they are surprised at the recent jobs report of 517,000 new jobs last month. Hello??? Most of those fills were hospitality and food services industry. Same group who lost jobs (stimulus $$$) now going back since there is no more free money. Most do not claim unemployment so the numbers are skewed.
Infrastructure is still bad, the Fed is about to raise the interest rate again…yet we all will party on Sunday for the superbowl.
China balloons, more hunter lies, CONgress tugs of war…….we r not a good state of the union.
Biden just Ruined YOU America Middle Class !!!!! Impeach him NOW
Ban credit cards !!!! Better off without them