Increased credit card use in New York as Holiday shopping begins
Credit card spending in the U.S. is up 22.5% compared to pre-pandemic levels.
News 12 Staff
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Dec 9, 2022, 12:14 PM
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Updated 501 days ago
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26ds agoCredit card spending in the U.S. is up 22.5% compared to pre-pandemic levels.
The increase is mainly due to inflation and people going out and spending more than they did two years ago.
General merchandise spending is up 41.8%, home improvements are up 34.5% and health care and social assistance are up 33.1%.
Credit card balances have remained stable in the state of New York year over year, with the average balance being about $830 per borrower.
Delinquencies have not risen that much, which is a good sign if there is a recession next year.
No matter how people choose to pay, it is important to stick to a budget.
Using a credit card to get points or be afforded extra buyer protection may be a better option if people know they can make their payments.
