DULUTH, Ga.—As the country enters a new year, a sizeable segment of middle class of America is turning more often to credit cards to make up for income shortfalls and rising prices, according to a new survey.
Seventy-five percent of middle-income Americans said their income is falling behind the cost of living, a quarterly survey from Primerica found. Thirty-seven percent reported taking on more credit card debt – the highest rate since Primerica began tracking the data, Fox Business reported.
In addition, 21% of respondents said they only make the minimum payment on their balance each month, which is another record high in the survey's history, Fox Business noted.
"We are seeing an increasing reliance on credit with many middle-income families reporting that their credit card debt has recently increased," said Primerica's CEO Glenn J. Williams. "Financial stress brought on by rising credit card balances also has more families than ever before making only the minimum payments on their credit cards."
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