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Credit Card Balances Hit New Peak - One Trillion (www.nytimes.com)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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Americans’ credit card balances rose briskly in the second quarter, hitting a sobering milestone of more than $1 trillion, the Federal Reserve Bank of New York reported this month. Credit cards are the most prevalent type of household debt, New York Fed researchers wrote in a blog post, and saw the biggest increase of all debt types. More than two-thirds of Americans had a credit card in the second quarter, up from 59 percent roughly a decade earlier, the researchers found. And, they noted, card balances were more than 16 percent higher in the second three months of this year compared with a year earlier.

Alternate: https://archive.ph/5bdz1 (NYT)

Alternate: https://www.forbes.com/advisor/credit-cards/credit-card-debt-hits-new-high/

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[–] [email protected] 1 points 1 year ago

It's funny how these articles always ignore the effect of inflation when it makes the headline worse.