Published

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.
Insights by Ground AI
Does this summary seem wrong?

0 Articles

All
Left
Center
Right
Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/yearSubscribe

Bias Distribution

  • 48% of the sources are Center
48% Center
Factuality

To view factuality data please Upgrade to Premium

Ownership

To view ownership data please Upgrade to Vantage

Sources are mostly out of (0)