Reported 1 day ago
The Federal Reserve has highlighted a worrying economic trend, revealing that consumer distress has reached a 12-year high, primarily indicated by a significant number of Americans making only minimum payments on their credit cards. With 11.1% of Americans in this situation and late credit card accounts also at record levels, the rising costs of living amidst inflation are prompting many to rely on credit to manage expenses. Experts suggest practical steps for addressing credit card debt, including diligent budgeting and focusing on paying down balances strategically.
Source: YAHOO