The Fed said, “Compared to other debt categories this quarter, credit card balances saw the most pronounced worsening in performance, following a period of extraordinarily low delinquency rates during the pandemic.”
Today the Federal Reserve Bank of New York released new broad economic data for Quarter 2, revealing that Americans are habitually swiping the credit cards trying to stay afloat as the dollar continues to purchase less and less.
Of the data the Feds released, for the first time in American history credit card debit in aggregate has surpassed $1 trillion. Total credit card indebtedness rose by $45 billion in the period April to June, representing an increase of 4.6%. Thus, the total amount owed is $1.03 trillion, the highest gross value the Federal Reserve has ever recorded since publishing the statistics since 2003.
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