Desperate Americans using credit cards to cope with Biden inflation

 CBS News:

More Americans are racking up credit card debt as inflation pushes up the cost of food, utilities and other staples.

According a new report from CreditCards.com, 60% of credit card holders have been carrying balances on their cards for at least a year, up 10% from 2021.

"It's even harder to get out of debt when it's spending on necessities that got you into that position in the first place," said Ted Rossman, senior analyst at Creditcards.com. "These expenses aren't easily avoided."

The report shows that 59% of Americans who earn less than $50,000 a year carry a credit card balance from month to month. The percentage drops slightly to 49% for those who earn between $50,000 and $80,000 and dips again to 46% for people making $80,000 to $100,000 a year.
...

Although inflation cooled in July and August, consumer prices have surged 8.3% in the past 12 months, with the rising cost of groceries, shelter and medical care offsetting a recent decline in gasoline prices. Core inflation, which excludes volatile food and fuel prices, rose 6.3% in August, up from 5.9% the previous month.
...

When I retired I also retired all my credit cards.  I haven't looked back.  It is just much easier to control your spending on necessities without them.  

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