GREENSBORO,N.C. — As prices on things like food and gas continue to rise, a new report from the Federal Reserves shows that households are charging more on their credit cards.
What You Need To Know
- A new report from the Federal Reserves shows that households are charging more on their credit cards
- The report states that credit card balances had reached $841 billion by March
- It also sates that more than 229 million new credit accounts were opened in the first quarter of the year
More than 229 million new credit accounts were opened in the first quarter of 2022, according to the report, and credit card balances had reached $841 billion by March.
A Triad financial consultant said she’s not surprised, because it’s something she hears from clients often.
"Because of gas prices, costs of daily living, not even to mention food items, it is common to want to lean toward your credit card as an alternative,” said Natasha Walker, CEO of Natasha's Credit Service.
Walker said she has been warning clients against over-relying on their credit cards.
She encourages all credit card users to make a budget, never use more than 30% of your credit limit and call your creditor for a deferment if you think you will be late on a payment.