Janna Herron is the personal finance and real estate editor for Yahoo Finance. The first three quarters of 2022 have seen a rapid increase in credit card balances, after they contracted sharply during the early part of the COVID pandemic. 'As you see inflation, as you see savings dwindle, as you see interest rates go up, these payment plans should become more of a focus for people looking for a way to not pay double-digit interest rates on what they owe,' Cabell said. The survey found usage varying from 9% to 23%, with financially healthy, but overextended cardholders among those using these plans the most. Chase, American Express, and Citi, for instance, provide the option to convert credit card transactions to a lower interest rate and payment plan after the fact, Cabell said.īut few consumers use them or even know about them. One way consumers could mitigate ballooning credit card balances is to consider installment payment plans offered by certain credit card companies. (Photo by Robert Nickelsberg/Getty Images) Kennedy International Airport in New York City. An air traveler uses a credit card to pay for items Jan.
