‘Timing Couldn’t Be Worse’: Inflation Is Easing, but More People Are Using Credit Cards for Unexpected Expenses Amid Climbing Interest Rates

[barrons.com] 2 months ago by Andrew Keshner, Marketwatch

Updated Jan. 28, 2023 12:16 pm ET / Original Jan. 28, 2023 12:15 pm ET

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A record number of people say they would need to pay for an unplanned $1,000 expense by using their credit card, according to a new survey showing the burden of high prices even as inflation rates ebb from four-decade highs.

One quarter of people said they would rely on credit cards and have to gradually pay off $1,000 in unanticipated costs for something like a car repair or a medical problem, according to a Bankrate.com survey released this week.