NEW YORK—As the holiday season nears its end, consumers are showing signs that inflation is having a big effect on their household balance sheets, a new report shows.
“Once flush with additional savings from the pandemic, many consumers have exhausted that excess cash due to ongoing inflationary pressures and are now turning to credit cards to fund their holiday spending,” Yahoo Finance said.
The average rate on a credit card is now 19.55%, according to the latest Bankrate data. At the start of the year, the average rate on a credit card was 16.3%.
Balances jumped 15% year-over-year in the third quarter.
“That’s the largest annual increase in more than 20 years. In fact, among Americans who carry credit card debt from month to month, 60% have been revolving this debt for at least a year, according to CreditCards.com. This is up from 50% last year,” Yahoo Finance said.
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