Americans betting more on credit cards as inflation drives up costs, Fed data shows | app

Americans are using their credit cards more and taking out fewer mortgages as they increasingly need to borrow to cover the higher cost of basic necessities and respond to rising interest rates.

There were a record 537 million credit card accounts in the first quarter, a jump of 31 million from a year ago, according to the Federal Reserve Bank of New York’s quarterly debt and credit report. households. Meanwhile, mortgage lending totaled $859 billion in the first three months of 2022, the lowest in nearly two years.

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