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1 in 3 Americans Maxing Out Credit Cards Because of InflationThe increase in credit card debt signals that many Americans are struggling to pay for basic needs. Roughly 45% of Americans said that inflation and rising prices are why they’ve relied so heavily on credit cards, the Debt.com survey said. Nearly 9% of all respondents said they got a credit card to pay for a financial emergency. Moreover, 35% of Americans said they have maxed out their credit cards in recent years. Of those who had maxed out their credit cards, 85% said they were pushed to use their cards to the limit because of price increases from inflation. Approximately 22% of Americans said they now owe between $10,000 to $20,000 in credit card debt, and 5% have more than $30,000. [Fox Business]
35% of Americans said they have maxed out their credit cards in the last few yearsgetty
CFPB Credit Card Late Fee Rule Repeal Approved by House Panel
Lawmakers advanced legislation to block the Consumer Financial Protection …
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