A whopping 37 percent of credit card holders have either maxed out or come close to it since inflation gripped the nation under the policies of the Biden-Harris administration, a Bankrate/YouGov survey found Thursday.
Credit card debt rose significantly due to rising costs,which soared about 20 percent on average across the board.
“Inflation does not care if you are rich or poor. Everyone can feel its wrath,” Bankrate analyst Sarah Foster stated. “With limited options to absorb those higher costs, many low-income Americans have had no choice but to take on debt to afford costlier essentials — at a time when credit card rates are near record highs.”
Bankrate reported the survey’s historic results, noting credit card debt hurt “groups,” particularly those that are “vulnerable” to inflation:
Nearly 2 in 5 cardholders (37%) have maxed out a credit card or…
