Record Share of Americans Pay Only Minimum on Credit Card Bills

Americans are rolling over an ever-larger share of their credit card debts even with interest rates near multi-decade highs, a sign of growing strain on consumer finances, according to a new report by the Federal Reserve Bank of Philadelphia.

Revolving card balances in the third quarter of last year surged to the highest level since at least 2012 when the series began, according to data published Wednesday by the Philly Fed covering loans by large banks. The share of borrowers who are only making the minimum payments was also the biggest on record.

Put simply, amid higher prices and ...