Consumer Credit Card Debt Soars by Billions of Dollars Thanks to Inflation

A combination of inflation and climbing interest rates seems to be stretching consumers’ balance sheets, but it’s not clear yet whether they’re getting to a breaking point.

  • U.S. consumers took on $43 billion in additional credit card debt during the second quarter of this year, ending in June.
  • That’s more than triple the average amount of new debt households have taken on in that period since after the Great Recession of 2007-08.

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