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While inflation has cooled, prices for basic goods remained high, leading consumers to use credit.
PHOTO ILLUSTRATION: PIXABAY
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NEW YORK - Americans are increasingly struggling with credit card debt and other loans, and consumers are paying more for basic banking services such as ATM withdrawals, recent financial research finds.
Interest and fees on credit card accounts carrying balances rose about 25 per cent in 2023 from the year before, according to a report published in August by the Financial Health Network, a non-profit focused on financial stability. And 42 per cent of households carrying balances on credit cards reported that their overall debt level was “unmanageable”, up from 38 per cent in 2022, the network found.
