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The Federal Reserve Bank of Philadelphia reported that the rate increased by roughly 30 basis points (bps) from the prior quarter.
"The difficulties faced by credit cardholders are also reflected in the nature of payments," stated the research. - "As to the data, the proportion of accounts with merely minimal payments rose by 34 basis points, setting a new high."
Americans are using credit cards increasingly frequently because of the high rate of inflation and growing expense of living. In the fourth quarter, about 10% of cardholders had debt that above $5,200 for the first time, and around 25% had debt that exceeded $2,000 for the first time.
According to the report, about one-third of cardholders pay off their debt in full each month.
source: bloomberg.com
"The difficulties faced by credit cardholders are also reflected in the nature of payments," stated the research. - "As to the data, the proportion of accounts with merely minimal payments rose by 34 basis points, setting a new high."
Americans are using credit cards increasingly frequently because of the high rate of inflation and growing expense of living. In the fourth quarter, about 10% of cardholders had debt that above $5,200 for the first time, and around 25% had debt that exceeded $2,000 for the first time.
According to the report, about one-third of cardholders pay off their debt in full each month.
source: bloomberg.com