As New York City faces rising inflation, low-income households are increasingly relying on credit card debt to meet essential expenses. The trend is particularly pronounced in The Bronx, where the inability to make minimum payments has surged.
According to an analysis by Comptroller Brad Lander, credit card debt levels have escalated faster in New York City since 2021, with an alarming 11% jump in 2023 alone, highlighting the growing financial pressure on residents.
The gap between wage increases and inflation has left many lower-income New Yorkers struggling, leading to an alarming upward trend in credit card dependence as a coping mechanism for essential purchases.
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