Americans' credit-card debt just had the biggest jump in more than 20 years, New York Fed says

Posted on AllSides August 3rd, 2022
From The Center
Photo by OLIVIER DOULIERY/AFP via Getty Images

In a sign of the continuing toll from decades-high inflation, Americans loaded an extra $46 billion on their credit cards during the second quarter and their balances saw the sharpest increase in more than 20 years, according to the Federal Reserve Bank of New York.

Credit card debts grew 5.5% from the first to second quarter and 13% year-over- year. The annualized increase was the sharpest cumulative increase in more than two decades, New York Fed researchers said.

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