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Small Business Center

Small Businesses Turn to Credit Cards Amid Rising Inflation and Borrowing Costs

November 14, 2023

In response to persistent inflation and rising borrowing costs, small businesses increasingly rely on credit cards for funding, according to the Intuit QuickBooks Small Business Index. Around 30% of small businesses in the U.S. have used credit cards as primary or secondary sources of funding in the past year, the study shows, while 22% turned to loans or lines of credit. Inflation has exacerbated this trend, and monthly credit card spending by small businesses now averages 20% more than pre-pandemic levels, equating to approximately $3,000 per business.

To learn more about this trend and what it means for the health of small businesses, read this story from Fox Business.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

Small Business Center

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