Consumer debt grew $17.9 billion from May to June as a credit crunch brought on by Federal Reserve rate hikes drove a sharp gain in the amount of outstanding credit for payments like mortgages and car loans.



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KIFI

Idaho Falls

Bonneville County

Idaho

United States

Americans’ credit card debt hits a record $1 trillion

Federal Reserve raised interest rates to keep inflation under pressure, but the increased interest rate on credit card debt made life miserable for average Americans. Know in detail how the US economy may suffer due to the increased credit card debt burden.

Media Bias/Fact Check

Times of India

India

Credit card debt crosses $1 Trillion, US economy under pressure as cost-of-living soars

Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

Ad Fontes Media

All Sides

Warner Bros. Discovery

Atlanta

Fulton County

Georgia

Americans' credit card debt hits a record $1 trillion

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household De…

News-Press & Gazette Company

KRDO

Colorado Springs

El Paso County

Colorado

Americans have amassed more than $1 trillion in credit card debt for the first time ever this summer, according to the New York Federal Reserve.

New York Post

Murdoch family

New York

US credit card debt surges to more than $1 trillion for first time...

A credit card is like a power tool. It can be useful or very dangerous, depending on how it’s handled.

The Washington Post

Jeff Bezos

Advice | Credit card debt tops $1 trillion, trapping even six-figure earners

CNBC's Steve Liesman reports on new data from the New York Federal Reserve.

CNBC

Roberts family

NY Fed: Credit card debt sees biggest increase since 2021 & auto loan debt rises 1.3% in Q2

Consumer debt grew $17.9 billion from May to June as a credit crunch brought on by Federal Reserve rate hikes drove a sharp gain in the amount of outstanding credit for payments like mortgages and car loans. The numbers, which are not adjusted for inflation, come in well ahead of expectations at $13 billion and […]

The Hill

Nexstar Media Group

Washington

District of Columbia

Consumer debt climbs as American credit card balances surpass $1 trillion

Credit cards are displayed.            (AP Photo/Elise Amendola, File)   US consumer credit card debt reaches $1 trillion for first time             Brady Knox     August 08, 06:06 PM August 08, 06:06 PM             Video Embed  U.S. consumers' credit card debt has exceeded $1 trillion for the first time.  The Federal Reserve Bank of New York released its quarterly report on household debt and credit on Tuesday, revealing that total consumer cre…

Washington Examiner

Philip Anschutz

US consumer credit card debt reaches $1 trillion for first time

Total bank card balances shot up $45 billion in the second quarter of 2023, according to a new report from the  New York Fed.

cnet

Red Ventures

Credit Card Debt in the US Hits $1 Trillion for the First Time Ever

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Consumer debt climbs as American credit card balances surpass $1 trillion

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