US credit card debt surpasses $1 trillion US media: Continuous interest rate hikes cause consumer debt to climb Credit | US | Credit Cards
On August 10th, according to the U.S. Capitol Hill, the credit squeeze caused by the Federal Reserve's continuous interest rate hikes has led to a significant increase in the amount of loans such as mortgages and car loans, and the total credit card debt of American consumers has exceeded $1 trillion for the first time.
According to reports, the credit card debt of Americans has increased by 11.6% compared to the same period in 2022. From May to June this year, the debt increased by $17.9 billion, which is much higher than the expected $13 billion and almost twice the amount from last month. Debt, including housing and student loans, increased by $18.4 billion.
The report states that despite the monthly decline in revolving credit, the credit card debt that is dragging down American consumers is still at its highest level in history.
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