With inflation still high, people are leaning on their credit cards more for everyday purchases.
“It’s the economy, inflation, gas prices, and food costs,” said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania. “A year ago, you could go to the grocery store with a hundred bucks and come out with a bunch of bags. Now, I come out with just one bag.”
Bankrate says the average credit card interest rate, or annual percentage rate, has reached 20.4% — the highest since their tracking began in the mid-1980s. “The more than half who pay in full each month are clearly doing a lot better than the almost half who don’t,” McBride said. “Those who tend to carry balances tend to be younger people, people making lower incomes, and those with lower credit scores. Another factor contributing to rising debt is inflation, which means the cost of day-to-day living is outpacing paychecks.”
Using a credit card can provide protections for people who can pay off the balance every month. But the cost for those who can’t is high.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Credit card debt is at record high as Fed raises rates againAs the Federal Reserve considers whether to raise interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month.
Leer más »
Jacksonville-based Jax Federal Credit Union rebranding as RadiFi Credit UnionJax Federal Credit Union announced plans to fully rebrand the financial institution, including changing its name to RadiFi Credit Union, by late spring 2023.
Leer más »
Fed, US banks in focus as mood improves on Credit Suisse rescueInvestors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS , though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks.
Leer más »
Banking stocks steady after Credit Suisse rescue as focus turns to FedInvestors stepped cautiously into bank stocks on Tuesday, emboldened by the rescue of Credit Suisse, with share prices tentatively rising in Europe and Asia amid lingering concerns about further damage to credit markets and smaller U.S. lenders.
Leer más »
US Sen Scott pushes for new Fed inspector general, slams Fed over bank regulationRepublican U.S. Senator Rick Scott said on Monday he will introduce legislation to create an independent inspector general to oversee the Federal Reserve, as he called the U.S. central bank 'unable or unwilling to properly regulate' banks in a letter to Fed Chair Jerome Powell.
Leer más »