Published 08/08/2023 12:09:00 a.m.

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

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.

08/09/2023 8:35:00 p.m.·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.

08/08/2023 3:11:33 p.m.·Atlanta, United States

Read Full Article

KIFI

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…

08/08/2023 3:11:33 p.m.·Idaho Falls, United States

Read Full Article