Americans turn to credit card rewards to absorb inflation
Ramsey Solutions founder David Ramsey addresses skyrocketing consumer credit card debt on “Cavuto: Coast to Coast.”
Americans' credit card debt is sitting at an incredible $887 billion as of June 2022, according to recent data from the Federal Reserve Bank of New York.
That is an increase of about 5.5% from the first quarter of the year — and a 13% increase from the year-ago period.
Yet even that stunningly high number does not appear to be scaring some people away from credit card use.
Amid today's high inflation, many Americans are continuing to pile up credit card debt as a way to cover their expenses and pay their bills.
MORE AMERICANS RACKING UP CREDIT CARD DEBT AS INFLATION RAGES
Personal financial experts warn against this.
"I get it — first [we had] a pandemic and now record inflation," said Rachel Cruze, financial expert, New York Times No. 1 bestselling author and host of "The Rachel Cruze Show."
She's also a Ramsey Solutions professional and a daughter of Dave Ramsey.