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.

Insights by Ground AI

Does this summary seem wrong?

More
Filters

51 Articles

All

Left

Center

Right

Times of India

Credit card debt crosses $1 Trillion, US economy under pressure as cost-of-living soars

Federal Reserve raised interest rates to keep inflation under pressure, but the increased interest rate on credit card debt made life miserable for average Americans. Know in detail how the US economy may suffer due to the increased credit card debt burden.

4 months ago·India

Read Full Article

CNN

Americans' credit card debt hits a record $1 trillion

Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

4 months ago·Atlanta, United States

Read Full Article

The Washington Post

Advice | Credit card debt tops $1 trillion, trapping even six-figure earners

A credit card is like a power tool. It can be useful or very dangerous, depending on how it’s handled.

4 months ago

Read Full Article

KRDO

Americans’ credit card debt hits a record $1 trillion

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household De…

4 months ago·Colorado Springs, United States

Read Full Article