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Americans are loading up on credit card debt to deal with inflation.
Credit card spending rose in the 3rd quarter – it is up 9% at JPMorgan Chase and 15% at Wells Fargo.
News Nation reported:
American consumers are continuing to spend, with many opting to pay with credit cards as they grapple with inflation and maintaining lifestyles. Mixed in with the holiday season, millions of Americans are feeling the pinch in everyday spending.
Nationally, credit card spending rose in the third quarter at major banks including 9% at JPMorgan Chase, the nation’s largest bank, and 15% at Wells Fargo, The Wall Street Journal reports.
The outlet reports credit card loans or unpaid balances on accounts, jumped nearly 16% in the third quarter at JPMorgan compared with a year ago, signaling consumers are taking longer to pay their bills.
Americans are resorting to using credit cards for essentials including food and college tuition. Financial experts highlight that right now, consumers are even dipping into their savings.
Consumer Sentiment is still far off from where it was in February 2020.
CNBC reported:
Yet closely watched survey data from the University of Michigan shows consumer sentiment, while improving, is a far cry from pre-pandemic levels. December’s index reading showed sentiment improved by almost 17% from a year prior, but was still nearly 30% off from where it sat during the same month in 2019.
“The main issue is that high prices really hurt,” said Joanne Hsu, Michigan’s director of consumer surveys. “Americans are still trying to come to grips with the idea that we’re not going back to the extended period of low inflation, low interest rates that we had in the 2010s. And that reality is not the current reality.”
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