Some of those surveyed are living on the edge when it comes to credit card payments. According to the Federal Reserve Bank of New York survey, the perceived probability of missing a minimum debt payment over the next three months is 15.3%, which is the highest reading since April 2020.

Major US banks have lashed out at Donald Trump’s proposal to cap credit card interest rates to address affordability concerns, warning the move could undercut a crucial source of industry revenue. JPMorgan,