As Americans deal with stubborn inflation, they’re increasingly turning to credit cards to make ends meet. In fact, credit card originations rose 0.16% month-to-month in August, according to the latest data from VantageScore. And the average credit card balance jumped 11.1% year-over-year to reach $6,082. 

“In August, lenders tightened access to credit across most products and consumers continued to remain cautious about adding to their debt levels,” Susan Fahy, the executive vice president and chief digital officer at VantageScore, said in a statement. “The data shows that over the summer many U.S. consumers began to feel the strain of rising interest rates and dwindling savings, along with an increase in missed payments.”

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Additionally, credit card delinquencies remained elevated across all categories. For instance, credit card delinquencies lasting 90 to 119 days increased to 0.24%, nearly doubling from last year. 

If you’re struggling with high-interest credit card debt, you could consider paying it down with a personal loan at a lower interest rate. Visit Credible to compare options from different lenders without affecting your credit score. 

For more information, click here.