by Apollo Global Management’s chief economist Torsten Slok, with usage rates climbing to 46% in 2023, up from 43% in 2022 and 31% in 2021.
Accumulating debt in a high inflation environment still carries risk. Consumers that sign onto teaser rates likely expect they will pay their bills before the trial period ends. But borrowers might by myopic about their spending and overly confident about their ability to repay, said Ru, who conducted the research alongside Antoinette Schoar, a finance professor at MIT Sloan School of Management.
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