The financial burden on Americans has reached unprecedented levels, and the outlook might become even more challenging as further bills become due.
Americans are about to have a much harder time paying their bills
8/17/2023
The latest data released by the Federal Reserve Bank of New York indicates that Americans are carrying a historic $1.03 trillion in credit card debt as of the second quarter of 2023. This represents a $45 billion increase from the previous quarter and signifies a continuation of the trend of rising balances following an initial drop at the onset of the pandemic.
This surge in credit card debt has contributed to pushing the total household debt to an all-time high of $17.06 trillion.
Collectively, Americans are grappling with substantial debt across various aspects of daily life, and there seems to be no immediate relief on the horizon. A growing number of individuals are allowing credit card balances to accumulate without payment for extended periods, and this concern is amplified by the impending restart of student loan payments in the coming fall. This presents a rather concerning scenario for average consumers who are still grappling with the impact of gradually receding inflation.
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