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From fuel and groceries to hotels and airline tickets, consumers are putting more purchases on credit cards—and taking longer to pay them off. The four biggest U.S. banks reported higher credit card spending in 2023 compared with the previous year.
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“The further you go down in income levels or the further you go down in wealth levels, the cumulative impact of inflation has really taken a toll,” said Wells Fargo CFO Michael Santomassimo. “In some cases, they have been having to build bigger credit card balances.”
https://www.wsj.com/finance/banking/credit-card-debt-is-upand-its-taking-longer-to-pay-down-237cc4a3
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