Consumers tap credit cards, loans to manage inflation: Fed report

Quick Summary:

Gen Z and millennials were the age groups most likely to use loans and credit cards in response to higher prices, a Federal Reserve research report said.

A year later, in the second quarter of 2024, credit card balances reached $1.14 trillion.

Per its report, consumers have reduced their spending by eating less restaurant food, canceling subscriptions, purchasing less fresh produce and meat and switching to generic products.

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Article Details

Author / Journalist: Lynne Marek

Category: EconomyBusiness

Markets: United States

Topics: Credit Boston Reserve Cards Report Prices Debt Card Inflation Federal Consumers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-27 @ 10:30:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: retaildive.com

Language: English

Article Length: 324 words

Reading Time: 2 minutes read

Sentences: 12 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Retail Dive

News ID: 22284963

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Main Topics: EconomyBusiness

Official Website: retaildive.com

Year Established: 2012

Headquarters: United States

News Last Updated: 2 days ago

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