Americans’ credit card debt levels have just notched a undesirable milestone: For the first time ever, they’ve surpassed $1 trillion.
During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit. Rising credit card debt and auto loan balances helped to drive overall household debt levels up 1%, to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked by $2.9 trillion since the end of 2019, before the pandemic.
“There’s plenty of data that shows people are doing really well, their debt compared to their expendable income is OK, delinquencies are low and unemployment is low,” Schulz said. “But there’s also only so much hard debt that people can handle before delinquencies really spike.” New delinquencies continue to climb from recent historic lows, according to the latest New York Fed report.
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