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Published 4 months ago

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 (such as credit card debt), 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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53% Center

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