CNBC: Credit Card Balances Jumped in the Second Quarter and Are Above $1 Trillion for the First Time
Article by Jeff Cox in CNBC
Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.
Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.
The increase in the category was the most notable area as total household debt edged higher by ......
To read this article in CNBC website in its entirety, click here.