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September 26, 2023

Inflation is driving up consumer credit card debt by billions of dollars

. Inflation makes it more difficult to keep up with regular monthly payments, leading to higher carryover debt. As inflation pushes up prices, consumers face the burden of higher debt from using credit cards. To prevent debt from spiraling out of control, consumers should pay off their credit card balance in full each month, creating a plan to pay more than minimum payments whenever possible. Consumers should also consider bringing down interest rates by transferring balances to a lower-rate credit card. In addition to limiting use of credit cards, people can also look for ways to ease their financial burdens, such as researching other low interest loans, tax credits, and exploring alternative financial options such as income-based repayment plans or loan refinancing.