Reported 1 day ago
According to the Philadelphia Federal Reserve, the percentage of Americans making only minimum payments on credit cards has reached a 12-year high, raising concerns about financial stability. While overall economic indicators suggest consumer resilience, many are struggling with debt, particularly those from lower-income brackets. Rising credit card balances and delinquencies indicate a growing financial strain, with a significant percentage of consumers relying on credit to meet basic living expenses. Experts suggest strategies for managing debt, including making higher payments and seeking credit counseling.
Source: YAHOO