Inflation is driving up consumer credit card debt by billions of dollars

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Though inflation has fallen considerably from its 9.1% peak in June 2022, it's still higher than the Fed's 2% target, so you're spending more for less.

David Paul Morris / Bloomberg via Getty Images fileA combination of inflation and climbing interest rates seems to be stretching consumers' balance sheets, but it's not clear yet whether they're getting to a breaking point.

Total credit card debt and debt per household grew by about 8% from the year before, according to WalletHub, a personal finance website. It based its calculations on data from the Federal Reserve and the credit reporting agency TransUnion.

 

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