Americans have amassed more than $1 trillion in credit card debt for the first time ever this summer, according to the New York Federal Reserve.
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.
