As inflation continues to trend upward, more and more Americans are leaning on credit to cover their expenses.
Consumer credit – including credit cards, student loans, and auto loans – went up nearly 7% in the month of October, while credit card balances shot up 15% in the third quarter of the year.
All that debt could be tough to climb out of, with interest rates going up significantly in 2022.
Have you had to lean more on credit cards this year? What’s your overall approach to using credit cards?