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Credit Card Crisis: Fed Warns of Highest Consumer Distress in 12 Years

Published: 04-28-2025, 04:20 pm | Updated: 04-28-2025, 11:24 am

Consumer financial distress is at its worst level in 12 years according to the Federal Reserve Bank of Philadelphia, with over 11% of Americans making only minimum payments on credit cards and delinquencies hitting record highs.

This crisis stems from years of above-target inflation that has outpaced wage growth, forcing many to rely on credit cards for essential expenses.

A recent survey found one-third of Americans use credit cards to make ends meet, with many maxing out their cards. With interest rates averaging 21.37%, minimum payments barely cover interest charges.

Original Source: Yahoo Finance

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