Credit Card Use Soars as Americans Lean on Plastic to Afford Essentials
• Credit card spending rose 9% at JPMorgan Chase and 15% at Wells Fargo in Q3 2022, showing consumers are taking longer to pay bills
• Americans are using credit cards for essentials like food and college tuition amid high inflation
• Declines seen in bank deposits compared to previous years, indicating people are tapping savings
• Experts advise avoiding spending beyond means to prevent financial strain
• Options to pay down debt include consolidating into single payments, balance transfer cards, “debt snowball” and “debt avalanche” methods