Credit card accounts increased by 5.48 million, totaling 578.35 million in the U.S. This growth signifies a robust consumer economy and reduced dependence on cash transactions.
A US Federal Reserve report showed a record high credit card interest rate of 22.2% in May. Over 70 million new credit card accounts opened since the pandemic's onset.
Elevated debt burdens can result in diminished economic expansion and financial hardship for individuals grappling with expenses, particularly as incomes lag behind inflation.