Growth in Credit Card Debt Slowing Down

Growth in credit card spending is falling behind growth in debit card spending for the first time since the pandemic. The decline in credit card usage can be attributed to the rise in credit card interest rates and the resurgence of student loan payments, both of which have put pressure on household finances. The Wall Street Journal reported a rise in personal loans to consolidate credit card debt at lower interest rates. However, Transunion reported that 57 percent of the people who consolidate their loans often max out their credit cards again in the next 18 months.  

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