Amid Inflation, More Americans Using Credit Cards For Everyday Needs
More Americans are relying on credit cards to pay for basics, as paychecks are stretched this by inflation, according to new Census Bureau data.
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- Thirty-five percent of households last month used credit cards, or loans, for basic expenses, census data also shows.
- Last month’s percentage compares to 32% in November and just 21% in April 2021, according to the Household Pulse Survey.
- The increased use of credit cards comes amid rising interest rates.