consumers are making tough decisions about “whether to pay their credit card bills, their rent or buy groceries.”
everything from rent, groceries, and new and used cars despite the Federal Reserve’s attempts to tamp down stubbornly-high inflation.
There are 70 million more credit card accounts open now than before the pandemic in 2019 and credit card debt surpassed $1 trillion for the first time ever, this year according to the New York Federal Reserve. Vulnerable individuals already squeezed by high rents and grocery prices will also need to start making student loan payments next month after their debts were paused for more than three years.
However, with the holiday season approaching, industry experts are also concerned that consumers will rack up even more debt on top of their rising energy bills, particularly as the cold weather kicks in and the cost of heating homes ratchets up.Getty Images/iStockphoto
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