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.