Nearly 9% of working-age adults missed credit card payments for groceries last year, up from 7.1% in 2023, per new data.
More than a quarter of US working-age adults who used credit cards for groceries last year failed to repay bills in full, either making minimum payments or missing them entirely. The share of those missing minimum payments rose to 8.7% from 7.1% in 2023, according to survey data from over 7,500 adults aged 18-64.
Grocery prices have climbed 2.7% in the past year and are up nearly 32% from pre-pandemic levels. Nearly 1 in 10 consumers turned to “buy now, pay later” loans for food, with a third failing to meet payments, while almost 1 in 20 used payday loans.
Missed payments trigger late fees and penalties, exacerbating financial strain for households already stretched by rising costs.