Houstonians are piling more purchases on credit cards even as interest rates on that debt are rising to record highs — but several experts say it’s not necessarily a sign of reckless spending.
«In the past year, median household income has grown just 4 percent, but the overall cost of living has jumped 8 percent,» said Sara Rathner, credit card expert for San Francisco-based personal finance company NerdWallet, on Tuesday. «That’s why we’re seeing consumers struggle to make ends meet and take on credit card debt to do so. It’s a difficult time for people, so I think we need to give ourselves and each other a significantly higher amount of grace.»