- As summer approached, Americans increasingly relied on credit cards to manage their finances, leading to an unprecedented milestone. According to a report released on Tuesday by the New York Federal Reserve, aggregate credit card balances crossed the $1 trillion mark for the first time ever.
- During the months of April through June, total credit card debt surged by $45 billion, reflecting a growth of more than 4%. This brought the cumulative owed amount to $1.03 trillion, marking the highest recorded value in Federal Reserve data that traces back to 2003.
- The substantial rise in this category stood out as the most significant contributor to the overall trend. Alongside this, the broader scenario of household debt also saw an uptick, with an increase of around $16 billion, taking the total household debt to a fresh record of $17.06 trillion.
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American Credit Card Debt Tops $1 Trillion For First Time
FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. Even if your credit card already earns solid ongoing rewards, there are several ways to rev up those earnings, especially amid the heavy shopping that tends to happen during the holiday season. First, look for lucrative sign-up bonuses when you open a credit card and meet a spending threshold. Beyond that, other opportunities abound — from online shopping portals you can visit to one-time offers you can add to your card as well as shopping strategies like buying gift cards. (AP Photo/Jenny Kane, File)
