CLEARWATER, FL, March 16, 2021
Originally published by Digital Media Net
Credit card usage is at an all-time high in the US since the pandemic hit late last March. I’ll be honest, this seemed odd to me when I read it. You would think more people would be cancelling their credit cards. Especially since the unemployment rate continues to climb and our economy appears to be on a significant downturn. The truth remains that consumers actually are using credit cards more often and for more every day purchase likes groceries and personal care items. That’s the biggest difference from 2019. During the pandemic, more than half of adults with credit card debt added to their balances, according to a study done by CreditCards.com. Most Americans aren’t using credits to go on a big vacation (that they can’t really afford) or buy that expense handbag, instead they are using it for the bare necessities. Not only are consumers using credits cards differently, but they have also become more conscious of reducing their overall debt amount.
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