US EditionConsumer debt climbs as American credit card balances surpass $1 trillion
- Consumer debt in the US grew by $17.9 billion from May to June, driven by a credit crunch resulting from Federal Reserve rate hikes. The increase exceeded expectations and marked a significant jump compared to the previous month.
- While there was a decrease in revolving credit , economists find this unexpected and inconsistent with other consumer spending data. If the trend continues, it could indicate that some consumers are reaching their spending limits, potentially leading to a slowdown in consumption in the second half of the year.
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Credit card debt among Americans hits $1 trillion
(Pixabay) (MY FOX 8) – Credit card debt among Americans just reached a new record high of $1 trillion as a new report shows an uptick in people making emergency withdrawals from their retirement accounts. The new data comes from the Federal Reserve Bank of New York which said total U.S. credit card debt hit $1 trillion in the most recent quarter. Bankrate Analyst Ted Rossman says this shows a jump in Americans’ reliance on credit cards. Get the…
·Medford, United States
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Total News Sources51
Leaning Left8Leaning Right15Center21Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 18%
C 48%
R 34%
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