5 popular strategies people are using to escape credit card debt

As inflation spiked over the last two years, almost half of Americans have taken to relying more on credit cards to make ends meet.

A survey of 1,000 U.S. adults conducted by consumer website Debt.com finds 45% of Americans have been pushed by inflation to use their credit cards far more frequently.

In the last two years, inflation has taken a toll on consumers. Even as inflation shows signs of slowing down, and the Federal Reserve has pressed the pause button on its inflation-combatting interest rate hikes, the effects still loom large on personal finances.

According to the survey, half of Americans are carrying a higher credit card balance now due to inflation, and more than 30% have maxed out their credit cards sometime over the past two years. Nearly three in 10 of survey respondents said they didn’t know what their average credit card annual percentage rate (APR) is, either.

 

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