Americans are piling up credit card debt to cope with inflation

More Americans are racking up credit card debt as inflation pushes up the cost of food, utilities and other staples. 

According a new report from CreditCards.com, 60% of credit card holders have been carrying balances on their cards for at least a year, up 10% from 2021. 

"It's even harder to get out of debt when it's spending on necessities that got you into that position in the first place," said Ted Rossman, senior analyst at Creditcards.com. "These expenses aren't easily avoided."