myFICO: How to Manage Credit Card Debt During Inflation Inflation has hit a 40-year high in 2022, jumping as high as 9.1% year over year in June, compared to the long-term average of about 3.2%. And according to data from credit reporting agency Equifax and the New York Federal Reserve Bank, it appears that some Americans are relying on credit card debt to keep up. If you''re concerned about how inflation may be impacting your budget and your relationship with credit cards, here''s what to know about what''s going on and how to handle your debt, from myFICO. For more loan and credit education, visit myFICO''s blog at https:||www.myfico.com|credit-education|blog Many Americans Relying More and More on Credit Cards In a report released by Equifax , the agency found that banks issued 18.6 million new credit cards in the first three months of the year, a 28.4% increase from the same period in 2021. During the second quarter of 2022, the New York Fed found that credit card balances increased by $46 billion. That''s a 13% increase from the same period the previous year, which is the largest such increase in more than two decades.