The credit card debt held by US shoppers surpassed more than $1 trillion for the first time ever as high inflation continues to drive up costs, according to a report published on Tuesday by the New York Federal Reserve.
Credit card balances grew by $45 billion in the second quarter of this year — rising from $986 billion at the end of the first quarter to $1.03 trillion by the end of the most recent three-month period, the New York Fed data shows.
“One trillion dollars in credit card debt is staggering,” Matt Schulz, chief credit analyst at LendingTree, told Fox Business.
“Unfortunately, it is likely only going to keep growing from here. What’s driving it is inflation, higher interest rates and just generally how expensive life is in 2023.”
The report found that Americans held a total of 578.35 million credit card accounts — a 5.48 million increase from the end of the first quarter.
Thank BIDEN !!!
THese Credit cards should be Banned in America with their REVOLVING INTEREST !!!!
They have Bankrupted more people than Anything else !!!! They should be like an installment Loan where the Balance goes DOWN Not UP !!!
Of course it has..people are living off credit because they have to.
Trump left office and gas prices where $2.39. A year later, prices were 4 to $5 bucks. Now creeeping up to 4 dollars again.
FED was 0%. Less than 3 yrs later, its at 5.50% (with rates higher at banks, credit cards and mortgages)
We were told the country is going green by 2030 with vehicles and a bus company promoted by Joey had now claimed chapted 11 bankruptcy.
Student debt is over $1.5TRILLION
Country debt almost $33 TRILLION
Zero end in sight with Grandpa under his beach umbrella at Rehoboth beach
Of course credit card debt surges.
Not all but most choose to live off credit. I worked my behind off to pay off all my debt. Most friends drove new cars and trucks to look like they had more than they make. Finally making a good salary with no bills and it frees up your life. No stress
Amen – that’s they way to do it. Parents, teach you kids to live without it and make them work to earn and save.
Yep, Thank you Joe Biden and the Democrats. When will you idiots wake up and quit voting for Got Dam Democrats. Don’t ever vote for a Democrat even if it’s your mother.
ALL the cards want YOU on their Hook !!!!!
Right after a Bankruptcy they are Already sending you Credit Card Offers to RUIN You again in
8 years !!!!! Should BAN ALL the Damn Cards !!!!
People are buying milk, bread and eggs on credit cards because they can’t afford to pay for it after buying gas and everything else that Biden has raised the prices on til folks just don’t have any money.
Eat out? I can barely afford to eat in.
ALOT in America are Going BANKRUPT !!!! FACT The Middle Class is NO MORE !!!!!!