Consumer 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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Leaning Left8Leaning Right15Center21Last UpdatedBias Distribution48% Center