Long-term credit card debt weighs on Americans

Long-term credit card debt weighs on Americans
Long-term credit card debt weighs on Americans

Long-term credit card debt is burdening more Americans for longer periods as they struggle to pay off amid rising US inflation and rising interest rates, according to a poll.

In a report on Monday, CreditCards.com said that 60% of debtors say they have been mired in credit card debt for at least a year, an increase of 50% from last year.

The percentage of debtors immersed in debt over two years has also risen to 40% from 32%, according to the online credit card marketplace.

Also read: US consumer spending barely rose in June as inflation accelerated

More households relied on revolving loans, as inflation outpaced wage gains. The report shows that consumers in their twenties and thirties and lower income groups are more likely to borrow using a credit card to cover daily expenses such as groceries, childcare or utilities, compared to older generations.

Read more: Inflation in America continues to rise, boosting the prospects of a larger interest rate hike

The article is in Arabic

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