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.  

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more