Americans Open Record Number of Credit Cards as Inflation Rises

Americans Open Record Number of Credit Cards as Inflation Rises

As Americans grapple with the highest inflation in 40 years, the number of new credit cards have surged as more Americans rely on them to keep up with high prices. According to a recent report from the Federal Reserve, revolving credit (credit cards and lines of credit) increased by 19.6% from the previous year to $1.103 trillion. Credit card debt dropped to $974.6 billion in 2020 and has been increasing steadily ever since.