Wis. (WLAX/WEUX) – More Americans are relying on credit cards to cover basic goods as inflation rages on. New data from the Census Bureau says that more than 35 percent of households used credit cards or loans to help cover spending in December.
That’s up from 32 percent in November and 21 percent in April of 2021. This may spell bad news for consumers because interest rates are skyrocketing. The average credit card annual percentage rate reached a new high of 19.14 percent last week according to bankrate.com. That means people could be saddled with more debt, paying even more for goods in the long run.