Paycheck-to-Paycheck Consumers 3X as Likely to Take On Credit Card Debt

New Reality Check: The Paycheck-To-Paycheck Report: The Credit Edition

Inflation has made paycheck-to-paycheck consumers of all income brackets feel the financial crunch, making these consumers three times more likely to revolve credit card debt and carry higher monthly balances. In New Reality Check: The Paycheck-To-Paycheck Report, The Credit Edition, a collaboration with LendingClub, PYMNTS surveyed 2,326 U.S. consumers to find out how they are using credit products to manage their cash flow and also stay creditworthy.

 

Inside the May Report
  • 49%: Portion of consumers earning more than $100,000 who were living paycheck to paycheck in March
  • 29%: Share of paycheck-to-paycheck consumers with issues paying their bills who have no credit cards
  • 64%: Share of paycheck-to-paycheck consumers without issues paying their bills who have made a credit card payment in the last 90 days

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    The Paycheck-to-Paycheck Report

    New Reality Check: The Paycheck-to-Paycheck Report: The Credit Card Use Deep Dive Edition
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