Credit card debt increasing, along with stress and bad spending

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ALBANY N.Y. (NEWS10) – According to Buisness.org, credit card debt has increased for 62% of Americans post-pandemic.

With credit card debt rising you would think that Americans would have a more tight hold on their spending, and industry sales would decrease. Well, Buisness.org reports the opposite as most industry sales have actually increased since the pandemic:

  • Sporting goods, hobby, musical instruments, and book stores (39%)
  • Building materials and garden equipment (38.8%)
  • Electronics and appliance stores (35.2%)
  • Automotive parts, accessories, and tire stores (27.9%)
  • Furniture and home furnishings stores (22.6%)

But what makes this situation even more interesting is that Americans are still stressed about having credit cards. Buisness.org said that 64% of credit card users are stressed about high interest rates and 47% worry about annual fees. Additionally, 41% of credit card users are also worried about increasing debt and 25% are concerned about making monthly payments. 

Even with credit card debt increasing, and Americans admitting credit cards stress them out, Buisness.org says 70% are using credit cards to purchase things they want rather than things they need. Also, 65% of credit card users are making purchases they don’t currently have the funds for.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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