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From the article: > Year over year, credit card balances grew 15.2% That is quite significant and does not track with inflation.
by yucky 4y ago
From the article:
> Year over year, credit card balances grew 15.2%
That is quite significant and does not track with inflation.
- Rebelgecko 4y agoPerhaps,but not surprising given the prevailing interest rate situation. I got multiple offers on my CCs to lower the APR to 0% for 12-18 months. At that point it's financially better to carry a balance, throw the cash in a HYSA and pay it off in 2024. My Own CC balance has grown by like 600%
- loeg 4y agoYeah, but total household debt only grew 7%, which approximately tracks with inflation. Similarly, inflation is measured over a basket of goods, some of which grow in price more slowly than others -- not exclusively the goods paid for on credit cards.