Credit card debt creeping up nationwide as consumers paying more with plastic

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As the price of just about everything rises these days, it's forcing many people to start reaching for their credit cards more.

There is growing concern that the increased use of credit cards, along with rising interest rates, may lead to higher debt.

Rossman said new data from the Federal Reserve Bank of New York indicated a slight drop in consumer debt, but it followed three-quarters of steep rising debt. But now, more people are spending, and keeping up with inflation has put a strain on household finances.

Source: Loan Digest (loandigest.net)

 

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