Overall Spending Soars in the US

Total spending on interest and fees rose 14% to a record $347 billion – an increase of more than $40 billion year over year.

Credit Cards Drive Majority of Spending

Interest and fees on credit cards alone grew an estimated $20 billion in 2022, reflecting both elevated card balances and higher interest rates.

Costs Fall Most Heavily on Vulnerable Groups

Financially Vulnerable households are spending 14% of their income on fees and interest alone – compared with just 1% for Financially Healthy households.

Use of High-Cost Credit Rebounds

After a drop during the pandemic, 2022 saw a startling increase in use of payday, pawn, and other types of alternative loans – driven mostly by populations of color.