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.
