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Biden Effect: More than half of Americans Using Credit Cards to Survive Inflation
New Report Finds 83% Noticed Negative Impacts on Monthly Budget
According to a new survey, 83% report inflation is having a negative impact on monthly budgets and expenses while 56% are relying on credit cards to make ends meet.
- 64% of credit cardholders say inflation is one of their top money concerns.
- 26% said inflation is their single-biggest concern.
- Baby boomers are the most worried about inflation compared to other generations.
- 83% of cardholders are feeling the impact of inflation on monthly budgets and expenses.
- Gas is the No. 1 expense where consumers have noticed increased spending (reported by 46%), followed by groceries (30%).
- More than a quarter of Americans (28%) say their reliance on credit cards has increased compared to this time last year. That is especially true for those making less than $35,000 (36% increased their reliance on cards), millennials (35%) and parents of young kids (33%).
- 56% of cardholders say reliance on credit cards has increased.
- 23% rely on credit cards to pay for necessary items like food and housing
- 33% who rely on their card to fund discretionary expenses.
- Consumers who are already in credit card debt continue to rely on their cards to make ends meet. And those who are already in credit card debt are more likely to say they need their card to cover their monthly expenses than those who aren’t saddled with debt (71% versus 39%). Among the indebted group, 39% said they increased their reliance on plastic over the last year, compared with 15% who don’t have credit card debt.
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