In a significant financial shift, U.S. credit-card users experienced a 50% hike in fees and other expenses last year, signaling a deepening concern over the cost-of-living crisis as the nation approaches the November elections.
Credit cards are shown, Thursday, Jan. 18, 2024, in Atlanta. If your family of origin didn’t teach you about credit cards, maybe it’s because they didn’t use them. You may have even been taught that credit cards are dangerous. Now …In a significant financial shift, U.S. credit card users experienced a 50% hike in fees and other expenses last year, signaling a deepening concern over the cost-of-living crisis as the nation approaches the November elections.
Data from Moody’s Analytics also reveals that credit card defaults have spiked to a 13-year peak. Consumers grappling with inflation accrued a staggering $1.13 trillion in credit card debt by the last quarter of 2023. The trend of escalating debt is taking place against a backdrop of banks enjoying record profits from credit card loans, in part due to the Federal Reserve elevating interest rates to their highest in nearly a quarter-century. The Federal Reserve opted not to change the rate on Wednesday.
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