economy
US credit card debt climbs to $1.26tn, nearing last year’s record high
Mortgage and student loan balances saw 'small decline' with increases elsewhere, says post alongside Fed report
TL;DR
- US credit card debt reached $1.26 trillion between April and June, close to last year's record of $1.28 trillion.
- Credit card debt increased by $21 billion (1.7%) in the second quarter.
- Delinquencies on credit card debt over 90 days past due rose significantly, raising concerns about household stress.
- High inflation contributes to households carrying balances on credit cards due to economic strain.
- US consumers took out a record $211 billion in auto loans between April and June.