Published 2 years ago • loading... • Updated 2 years 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 , 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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WFLA-TV

Credit card debt among Americans hits $1 trillion

"The average person's financial wiggle room in their budget is pretty tiny, even before those payments had to restart," Schulz said.

2 years ago·Tampa, United States

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WND

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…

2 years ago·Medford, United States

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Scripps News

US credit card debt now over $1 trillion. How to cut down your debt

The milestone comes as credit card interest rates exceed 20%.

2 years ago·Atlanta, United States

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Bulletin-Review

Credit-card balances in US top $1 trillion for first time

Americans racked up more debt than ever on their credit cards over the past quarter, with total U.S. balances topping $1 trillion for the first time ever.

2 years ago

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News & Record

Credit-card balances in US top $1 trillion for first time

Americans racked up more debt than ever on their credit cards over the past quarter, with total U.S. balances topping $1 trillion for the first time ever.

2 years ago·Cherokee County, United States

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Montana Standard

Credit-card balances in US top $1 trillion for first time

Americans racked up more debt than ever on their credit cards over the past quarter, with total U.S. balances topping $1 trillion for the first time ever.

2 years ago

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