ON YOUR SIDE: The average credit card rate in the U.S. is now more than 22%, the highest since 2019, industry data shows. onyourside creditcarddebt inflation alabamanewsnetwork
"They had extra savings, they had government stimulus money, but as inflation has gotten worse that's really reversed," Washington Post economics reporter Abha Bhattarai told CBS News."We're starting to see people charging more on their credit cards and owe more than usual as well."
Indeed, Americans now face a double whammy. Many are firing up their credit cards to maintain their standard of living as inflation, which has far outpaced wage growth, saps their purchasing power. Meanwhile, interest rates on plastic are surging, raising the cost of that debt. Inflation is continuing to wallop Americans, with consumer prices up 8.2% in September from a year ago. Core inflation, which excludes volatile food and energy prices, have jumpedThe average credit card rate in the U.S. is now more than 22%, the highest since 2019, according to LendingTree. For people who carry a balance, the average rate is 18.4%, according to Federal Reserve data.
As of the second quarter, Americans owed $887 billion in credit card debt, up 13% from the year-ago period. Nearly six in 10 Americans who earn less than $50,000 a year"The Fed's decision to raise interest rates is going to continue to impact people with credit card debt because that means their interest rates are rising and they owe more as a result," Bhattarai said.
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