{"id":4131,"date":"2023-08-09T07:35:16","date_gmt":"2023-08-09T05:35:16","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=4131"},"modified":"2023-08-09T07:35:16","modified_gmt":"2023-08-09T05:35:16","slug":"us-credit-card-debt-surpasses-1-trillion-for-first-time-ever","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=4131","title":{"rendered":"US credit card debt surpasses $1 trillion for first time ever"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">US consumers&#8217; credit card debt has surpassed $1 trillion for the first time in history as high inflation continues to drive up costs, the New York Federal Reserve said in a report released Tuesday.<\/p>\n<p>Credit card balances grew by $45 billion in 2Q2023 \u2013 rising from $986 billion at the end of Q1 to $1.03 trillion, the New York Fed data shows.<\/p>\n<p>Due to inflation, higher interest rates and the high cost of living in the US, credit card debt is only expected to increase in 2023. <\/p>\n<p>The average interest rate on credit card balances are at a near-record 20.53%, according to Bankrate.<\/p>\n<p>Total household debt stood at $17.06 trillion by the end of Q2, the New York Fed said. Auto loan balances also rose 4.3% in Q2, climbing $20 billion.<\/p>\n<p>If the labor market reveals poor data in coming months, it will likely mean that American shoppers are nearly tapped out and the country is heading inevitably towards an economic crisis.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>US consumers&#8217; credit card debt has surpassed $1 trillion for the first time in history as high inflation continues to drive up costs, the New York Federal Reserve said in a report released Tuesday. Credit card balances grew by $45 billion in 2Q2023 \u2013 rising from $986 billion at the end of Q1 to $1.03 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4131"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/4132"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}