U.S. credit card debt jumps 18.5% and hits a record $930.6 billion
For most Americans, inflation and rising interest rates are a one-two punch.On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, […]
The ‘Buy Now, Pay Later’ Bubble Is About to Burst
As familiar as Americans are with the concept of credit, many of us, upon encountering a sandwich that can be financed in four easy payments of $3.49, might think: Yikes, we’re in trouble.Putting a banh mi on layaway—this is the world that “buy now, pay later” programs have wrought. In a few short years, financial-technology […]
Americans lean heavily on credit cards amid inflation
D3sign | Moment | Getty ImagesWith 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 […]