Low-income NYC residents are piling up credit card debt

August 28, 2024 Brooklyn Eagle Staff

Average income by ZIP Code, based on 2020 IRS Statistics of Income. Graphic: NYC Comptroller’s Office

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CITYWIDE — LOW-INCOME NEW YORKERS are increasingly turning to credit card debt to pay for necessities, according to THE CITY and an analysis by Comptroller Brad Lander. The number of households not able to make the minimum monthly payments is rising rapidly, especially in The Bronx, followed by both Brooklyn and Queens, which are about tied in their debt. Credit card debt has been increasing faster in New York City than the rest of the nation since early 2021 and jumped 11% so far this year compared with 2023.

One big reason for increasing debt is that wage increases in New York City have failed to keep pace with inflation, especially for lower-income workers, THE CITY said.

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