Surge in Credit Card usage in USA
The latest CNN report mentioned that " Americans ramp up credit card usage as high prices continue to bite " CNN news extract dated 07 June 2022: Americans are continuing to lean on credit cards and loans, as consumer credit surged by $38 billion in April amid the highest inflation in 40 years. The latest Federal Reserve data on outstanding consumer credit, released Tuesday afternoon, comes after March's record increase of $52.4 billion. That figure has since been revised downward to $47.3 billion. Revolving credit, which mostly includes credit card balances, grew at an annualized rate of 19.6% and totaled $1.103 trillion in April, just breaking a pre-pandemic record of $1.1 trillion, according to the report. Screenshot from the CNN news article My muse While it can be viewed either as concern or confidence, it is unhealthy for people to require leverage. For the rich, it may not be a problem but for the lower-income demographics, it can easily lead to expensive debts....