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More Americans Take on Credit Card Debt amid Skyrocketing Inflation

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More Americans Take on Credit Card Debt amid Skyrocketing Inflation

More Americans are taking on credit card debt as skyrocketing inflation for fundamental essentialities perpetuates to encumber families. In a recent survey from CreditCards.com commissioned by YouGov, 60 percent of Americans have been carrying monthly credit card debt for at least 12 months –– a ten percent increase from 2021.

Furthermore, 40 percent of those who carry balances verbally express they have been doing so for at least two years, 28 percent for at least three years, and 19 percent for at least five years. The survey additionally shows that 59 percent of American credit cardholders earning less than $50,000 carry a monthly credit card balance.

The percentage decreases to 49 percent for those earning between $50,000 and $80,000 and 46 percent for those earning between $80,000 to $100,000.

Credit card debt among all Americans is approximately $887 billion, according to the Federal Reserve Bank of New York report. “Credit card debt is facile to get into and hard to get out of,” according to Ted Rossman, a senior analyst at Creditcards.com. “High inflation and ascending interest rates are making it even harder to break free.”

Consumer prices for rudimental desiderata are additionally ascending, incrementing the likelihood that more Americans will rack up credit card debt to keep up with costs. Consumer grocery prices rose by 0.7 percent from July to August, while the price of victuals at home rose 13.5 percent from the antecedent year, according to the U.S. Bureau of Labor Statistics.

Despite gasoline dropping by 10.6 percent from July to August, it is still up by a staggering 25.6 percent from the precedent year, Breitbart News noted.

Breitbart News (@BreitbartNews) September 10, 2022

The overall consumer price index has ascended by 8.3 percent since August 2021 under President Joe Biden. The survey was conducted between August 24 to 26 among 2,419 U.S. adults, of whom 1,834 have a credit card, and 879 carry a credit card balance month to month.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.


Source: You can read the original Breitbart article here.

This News Article is focused on these topics: Economy, Politics, Pre-Viral, #Bidenflation, credit card debt, credit cards, inflation, survey, YouGov

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