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Credit card debt hits $1T for the first time ever
foxbusiness ^ | August 8, 2023 | Megan Henney

Posted on 08/08/2023 6:33:16 PM PDT by entropy12

Americans are increasingly turning to their credit cards to cover everyday expenses, with debt surpassing $1 trillion for the first time at the end of June, according to a New York Federal Reserve report published Tuesday.

In the three-month period from April to June, total credit card debt surged to $1.03 trillion, an increase of $45 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003.

The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.33% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: card; credit; creditcards; debt; economy; recession
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To: entropy12

So when is Biden going to announce that he is “forgiving” all credit card debt?

I am being facetious of course. Obviously he will announce it before the 2024 election, the only question is whether he will wait until October.


41 posted on 08/08/2023 8:08:51 PM PDT by Bubba_Leroy ( Dementia Joe is Not My President)
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To: bankwalker

I do not think that is what credit card kiting is:

“Credit card kiting is using one or more credit cards to obtain cash and purchasing power they do not have or the payment of credit card balances with the profit from the other card. It is distinct from check-kiting and, in almost all cases, illegal.”

There was no profit involved. The poster was not getting cash.


42 posted on 08/08/2023 8:11:18 PM PDT by madison10
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To: Paladin2

THAT is what will push even homeowners out of their houses.

Insurance of various types is our largest expense. (Thank you again, RINOs of Michigan.)


43 posted on 08/08/2023 8:13:34 PM PDT by madison10
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To: entropy12

Mine gets paid off every month. Ain’t no debt there. Been paying it off for decades, just use the CC for convenience.


44 posted on 08/08/2023 8:14:04 PM PDT by doorgunner69 (Let's go Brandon)
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To: madison10

In addition to Insurance there is always Property Tax [a wealth tax] which to never seems to go down.


45 posted on 08/08/2023 8:18:46 PM PDT by Paladin2 (11.000)
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To: entropy12

I believe near an all time low for savings as well.
Good times on the horizon...


46 posted on 08/08/2023 9:45:18 PM PDT by EEGator
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To: C210N

(Good time for a Jubilee)

It will have to be

BidenDepression 2023-Spring, 2024


47 posted on 08/09/2023 2:47:07 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: ViLaLuz
My family doesn’t use credit cards at all, a la Dave Ramsey.

I haven't had a CC in 20 years. If I can't afford it, I don't buy it.

48 posted on 08/09/2023 3:24:14 AM PDT by BlackbirdSST (Trump or Bust! Long live the Republic.)
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To: Secret Agent Man
Tell me anyone here on this site who doesnt pay off their balance monthly or within a month or two...

Unless you are offering to pay off their credit card balance, I doubt you will get many bites from your inquiry.

49 posted on 08/09/2023 4:35:01 AM PDT by NautiNurse (🇺🇸 Selling out the U.S.A.: The Briben Brand™)
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To: AnthonySoprano

I had to raid what little I had way back in 2008.

Boy it’s been a fun ride since then. NOT.


50 posted on 08/09/2023 6:05:31 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Jonty30
I have two credit cards. The first has a $500 limit and I use that for my daily purchases. I pay that off every two weeks. The other one, I use for purchases that are too large that I need to still make, but I pay that down 10% every two weeks until it gets paid up.

I have an airline miles card. I use it frequently but would never carry a balance. The current interest rate is around 20%. If I were to get blindsided for a big expense, I would use my credit union card that still has a 10% interest rate.

51 posted on 08/09/2023 6:46:29 AM PDT by EVO X ( )
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To: BlackbirdSST

Amen. That’s good stewardship.


52 posted on 08/09/2023 7:03:35 AM PDT by ViLaLuz (2 Chronicles 7:14)
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To: AlaskaErik
“I have credit cards and use them for almost everything. I just pay them off in full every month.”

That is what I do as well except I pay them off several times a month. I have multiple cards so I can maximize my statement credits. 5% for Amazon BOA cards give 3% for hom improvements and maintenance and another BOA card 3% for restaurants, 2% for groceries plus a citi bank card that gives 2% for everything. That all ads up and brings a small but needed stream of income.

53 posted on 08/09/2023 7:45:49 AM PDT by amnestynone (We are asked by people who do not tolerate us to tolerate the intolerable in the name of tolerance.)
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To: doorgunner69

Same with me. No trips to bank to withdraw cash.


54 posted on 08/09/2023 8:48:35 AM PDT by entropy12 (Career politicians like DeSantis build wealth. Trump sacrificed his wealth to serve people.)
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To: OSHA

You are managing finances very well. So sorry you are forced to keep working. I was lucky to retire at age 57 and now age 83. Luckily still doing fine financially. But MF Biden has stolen 20% from my retirement funds with inflation.


55 posted on 08/09/2023 8:52:51 AM PDT by entropy12 (Career politicians like DeSantis build wealth. Trump sacrificed his wealth to serve people.)
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To: Oscar in Batangas

Majority of Americans are only $200 unforeseen expense away from financial bind.


56 posted on 08/09/2023 8:54:49 AM PDT by entropy12 (Career politicians like DeSantis build wealth. Trump sacrificed his wealth to serve people.)
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To: NautiNurse

My point is conservatives are generally more personally responsible overall, and therefore tend to be more in control of their finances.


57 posted on 08/09/2023 2:58:48 PM PDT by Secret Agent Man (Gone Galt; not averse to Going Bronson.)
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