NEW YORK—Yet another round of data has found Americans are increasingly leaning on their credit cards, new data show.
As CUToday.info has been reporting, altogether, card balances now total $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York, which is a new record, CNBC reported.
“Over the past two years, Americans’ credit card balances have skyrocketed 40%,” said Ted Rossman, senior industry analyst at Bankrate.
Nearly half, or 49%, of credit card holders carry debt from month to month on at least one card, up from 46% last year, the report found, and 56 million cardholders have been in debt for at least a year, CNBC noted.
“The current environment is tough,” Rossman said. “Although inflation has eased, there’s a cumulative effect there.”
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