Congratulations, America! You Now Have $1 Trillion In Credit Card Debt

Congratulations, America! You now have $1 trillion in credit card debt for the first time in history. That's quite the achievement. And with variable rates perched at the highest levels going back at least half a century, that debt burden will be increasingly difficult for some borrowers to service, especially once student loan payments resume in Q4. Credit card balances were $1.03 trillion at the end of the second quarter, according to the New York Fed's latest household debt report, released

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3 thoughts on “Congratulations, America! You Now Have $1 Trillion In Credit Card Debt”

I am sorry for the basic question, I had thought that revolving credit included credit cards. What makes up consumer revolving credit? Home equity loans? Thanks.

therealheisenberg

August 8, 2023 at 3:06 pms Reply

This doesn’t answer your question entirely, but it answers it partially: The NY Fed report covers the whole quarter. So, April, May and June. When I said “at the end of Q2” above, I meant just June.
1. Patrick
  
  August 8, 2023 at 3:37 pms Reply
  
  Thanks.