Americans deeper in debt as credit card spending spikes amid inflation
(Pixabay)
(THE NATIONAL DESK) – Many consumers are leaning on their credit cards more and more as the price of everyday goods continues to climb.
Debt is up across the board as record-high inflation takes its toll and people are relying on their lines of credit more and more just to make ends meet. But some experts say it's not all bad debt people are taking on.
Consumer debt has topped $16 trillion for the first time ever. "That could be actually a pretty bad signal because it could be signaling that people are really struggling to keep up with inflation,” said Connel Fullenkamp, an economist with Duke University.
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