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Americans lean on credit cards and buy now, pay later as gas prices eat bigger share of income
American household budgets are under pressure from higher gas prices and new data shows that consumers are turning to credit to cushion the blow of elevated fuel costs.A report by the Bank of America Institute found that lower-income households saw the share of their incomes spent on gas rise to 4.2%, up from 3.9% a year ago and the highest level for the month of March since 2022, based on internal Bank of America customer deposit data that's been aggregated and anonymized. By contrast, the average household across income groups spent about 3.1% of their income on gas in March, an increase fro...1 week ago
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