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.
Start
United States
USA — Financial US credit card debt surges to more than $1 trillion for first...