- Over 11% of Americans with accounts at the country’s largest banks only made the minimum payment on their credit card bill in the fourth quarter of 2024, a record since the Federal Reserve Bank of Philadelphia began tracking the number 12 years ago. Lower-income consumers have been under increasing pressure since inflation surged to four-decade highs following the pandemic, and price hikes from tariffs will further strain budgets.
Credit card data shows consumers are under increasing pressure, just as President Donald Trump’s tariffs are poised to significantly raise costs on everyday consumers. Over 11% of Americans with accounts at the country’s largest banks only made the minimum payment on their credit card bills in the fourth quarter of 2024, a record since the Federal Reserve Bank of Philadelphia began tracking the number 12 years ago.
