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Foreboding Data, Second Quarter Credit Card Balances Jump 13 Percent, Largest Increase in Twenty Years
Foreboding Data, Second Quarter Credit Card Balances Jump 13 Percent, Largest Increase in Twenty Years August 2, 2022 | sundance | 1 Comment
It’s not just the scale of the increase that is surprising; it’s the history of how long it has been since this scale of debt increase happened in a single quarter.
(CNBC) – […] Although average hourly earnings are up 5.1% from a year ago, prices have been rising much faster. The Consumer Price Index, which measures the average change in prices for consumer goods and services, jumped a higher-than-expected 9.1% in June, the fastest pace in over four decades.
To bridge the gap, more consumers are relying on credit cards to get by, which has helped propel total credit card debt to $890 billion.
Overall, credit card balances rose 13% in the second quarter of 2022, notching the largest year-over-year increase in more than 20 years, according to a report from the Federal Reserve Bank of New York. (read more)
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