This Week In Credit Card News: Inflation Causing 1 In 3 Consumers To Max Out Credit Cards [Forbes]
Apple Inc. (AAPL)
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Source: Forbes
Roughly 45% of Americans said that inflation and rising prices are why they've relied so heavily on credit cards, the Debt.com survey said. Nearly 9% of all respondents said they got a credit card to pay for a financial emergency. Moreover, 35% of Americans said they have maxed out their credit cards in recent years. Of those who had maxed out their credit cards, 85% said they were pushed to use their cards to the limit because of price increases from inflation. Approximately 22% of Americans said they now owe between $10,000 to $20,000 in credit card debt, and 5% have more than $30,000. [ Fox Business ] 35% of Americans said they have maxed out their credit cards in the last few years CFPB Credit Card Late Fee Rule Repeal Approved by House Panel Lawmakers advanced legislation to block the Consumer Financial Protection Bureau's rule capping credit card late fees at $8, setting up a vote in the US House of Representatives. The House Financial Services Committee voted 28-22 along
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