As consumers continue to face challenges due to elevated inflation, new data from WalletHub suggests that many are leaning more heavily on credit cards. Credit card debt increased by almost $67.1 billion in the second quarter, WalletHub found—an increase that is more than three times larger than the post-Great Recession average for a second quarter.
The survey also noted that a significant majority of respondents (85%) are concerned about inflation, with most noting that it has affected their monthly grocery expenses most. Consumers also noted that the Federal Reserve’s recent efforts to hike interest rates have taken a toll on their finances—63% said Fed actions have affected their wallets. Slightly less than half (44%) said they were not financially prepared for a recession.