Inflation-slammed Americans are piling on credit card debt – CBS News

Searing inflation is driving Americans to make more purchases on their credit cards, leading leading them to amass more debt that is becoming costlier as the Federal Reserve hikes interest rates. 

Early in the pandemic, many families had more cash on hand as they cut their spending on things like dining out and as the federal government rolled out a range of financial assistance programs, such as stimulus checks. That helped them pay off billions in credit card debt.

“They had extra savings, they had government stimulus money, but as inflation has gotten worse that’s really reversed,” Washington Post economics reporter Abha Bhattarai told CBS News. “We’re starting to see people charging more on their credit cards and owe more than usual as well.”

via www.cbsnews.com

This is very bad.