Sixty-five percent of Americans have increased their credit card usage due to rising costs. (iStock)
Inflation has steadily been rising in recent years. The Consumer Price Index — a major measure of inflation — rose again in March, by 0.4% on all items. Rising inflation is causing consumers to rely more heavily on credit cards for everyday expenses, a Varo Money survey found.
Close to 65% of respondents to the survey blame their added credit card usage on inflated prices on essentials like groceries and utilities. An additional 55% cite the increased cost of living as the reason behind their reliance on credit cards.
Gen Z has increased their credit card usage the most. About 35% of Gen Zers reported using their credit cards more frequently, compared to 23% of millennials, 17% of Gen X and 21% of baby boomers. Financial debts and struggles differ along gender lines, Varo…
