Struggling to pay bills, more Americans turn to credit cards and loans

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Paying off credit card debt will be more expensive as Fed raises rates

Highlights

  • Credit card interest rates are set rise as the Fed raises rates
  • More Americans who are struggling financially are using credit cards
  • A year ago, fewer struggling Americans paid for everyday expenses with a credit card

Inflation in the U.S. is more than three times higher than it was last year, straining Americans’ finances.

Without stimulus checks and a lapse in monthly Child Tax Credit payments, Americans in dire financial circumstances are swiping credit cards more frequently compared to a year ago. But they continue to hold back from dipping into savings and retirement accounts relative to last year.

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