The Center for Microeconomic Data at the Federal Reserve Bank of New York recently reported that credit card debt grew by $45 Billion during Q2 of 2023, confirming credit card debt as the largest growth form of debt of the quarter as it crossed the $1 trillion mark.
We're hardly surprised.
Nearly 70% of Americans have a credit card – a rapidly growing statistic with over 70 million new accounts since before the pandemic. Many of these accounts have been issued to borrowers with credit scores between 580 and 619, which has caused a 16% jump in average credit card balances over the past year.
Credit cards make money when consumers like you and me don't pay our bills on time. If your credit score falls below 620, you're likely paying high upfront costs and high Interest rates. If you miss a payment, your credit card hurts you by charging interest that may exceed 30%! This creates a "revolving door" as debt builds up and makes each month's payment even higher. When payments increase, credit cards profit.
Finances stress out health professionals. Despite high salaries, rising costs of living, stagnant wages and limited career advancement make financial stress a leading cause of clinical burnout. Employers know this, and it's why staffing is the top challenge for hospitals according to the American College of Healthcare Executives.
Plannery is creating the first ever card exclusively for nurses – built with more cash back, lower payments, and your very own financial manager.
You care for others, so we're caring for you.
