As rising prices have forced consumers all over the world to reduce their spending and find new ways of coping with the increased cost of living, consumers are finding themselves relying on credit cards even more than they already were.
More Americans are unable to pay their credit card bills in full at the end of the month, with 46% of credit cardholders carrying month-to-month debt, up from 39% in 2022. A recent report from the Federal Reserve Bank of New York highlighted how the current 15% year-to-year credit card balance increase represents the largest jump in more than 20 years.
Bernhard Müller is the founder, chairman and general manager at Centi. After a 10-year career in healthcare engineering, he worked for a global blockchain company in business development and compliance. He holds an M.Sc. in biology and started following Bitcoin in 2011.