More Americans carry credit card debt from month to month as living expenses stay high, according to a new report by Bankrate.
As daily expenses stay high due to inflation, more Americans are relying on credit cards to make ends meet and fewer are able to pay their bills in full at the end of the month.
Now, 46% of credit cardholders carry debt from month to month, up from 39% last year, according to a new report by Bankrate. With day-to-day expenses staying high due to inflation, more Americans are relying on credit cards to make ends meet. As the personal savings rate sank near an all-time low, credit card balances jumped 15% year over year, according to the latest quarterly report from the Federal Reserve Bank of New York, notching the largest increase in more than 20 years.
"With prices more than 8% higher than they were a year ago, it is perhaps unsurprising that balances are increasing," the Fed researchers
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