NEW YORK—A new survey has found 30% of Americans have seen an increase in credit card debt over the last two years.
In the Lending Tree study, 48% of consumers indicated that inflation led to the increase in credit card debt, while 34% said income loss was the largest driving factor.
The study further found that 30% of consumers were able to increase their credit score during the same two-year period, noted Lending Tree in its analysis.
Younger generations and parents suffered more than most: 42% of Millennials and 45% of parents with young children had a difficult time making bill payments during the pandemic, according to the findings.
While some consumers saw a rise in their credit scores, one in five consumers indicated they haven't checked their scores in two years, Lending Tree noted.
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