Credit card debt hits $1T for the first time ever
Auto loan balances also contributed to the uptick, climbing by $20 billion or 4.3% over the course of the second quarter. Student loan debt, meanwhile, declined by $35 billion while mortgage balances remained largely unchanged at $12 trillion, despite an uptick inWhile delinquency rates remain relatively small, there was an uptick in borrowers who are struggling with credit card and auto loan payments. As of June, about 2.
"Even as inflation has lingered and interest rates have risen, pushing card debt to record levels, Americans have generally done a good job paying their credit card bills on time," Schulz said. "That may not last, however. The resumption of student loan payments will be a huge test for many cardholders, shrinking the amount they have to devote to paying off card debt and leaving some people simply unable to make minimum payments at all."aggressive interest rate-hike campaign as it tries to crush stubborn inflation and cool the economy.
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Credit Card Balances Surpass $1 Trillion for the First TimeTotal credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.
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US credit card debt surpasses $1 trillion for the first time everThe credit card debt held by US shoppers has exceeded $1 trillion, marking a historic milestone. This surge in debt is attributed to high inflation and rising costs, as reported by the New York Federal Reserve.
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