More Americans now rely on credit cards with record inflation

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • To cope with record inflation, Americans have opened up a record number of credit cards
  • This number is an all-time high, breaking the pre-COVID-19 record of $1.092 trillion in 2019. Credit card debt dropped to $974.6 billion in 2020 but that number has been increasing steadily as inflation began to eat up more and more of Americans’ paychecks.
  • A survey by Equifax, Americans received 11.5 million new bank credit cards through February 2022. This is a 31.4% increase from the previous year. The total limits for these credit cards were $55.5 billion, a 59.2% increase from the previous year. Total credit limits now stand at $4.12 trillion, $224 billion above the pre-pandemic level.

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