Credit Card Debt Set To Hit $1T As Chronic Inflation Crushes Americans
View Source | May 15, 2023 10:22 am
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- Americans are drowning in credit card debt as chronic inflation makes the cost of everyday necessities more expensive.
- The New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit, slated for release on Monday morning, is expected to show that credit card debt soared to a historic $1 trillion in the first three months of 2023, according to LendingTree. That will smash the previous high of $986 billion.
- “I think it’s fairly clear that what we’re seeing now is becoming more and more about people struggling in the face of ongoing inflation and seemingly constant rising interest rates,” Matt Schulz, the chief LendingTree credit analyst, told FOX Business. “It’s a tough time.”
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