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DeepNewz, mobile.
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U.S. credit card debt has reached a record-breaking $1.13 trillion, according to the Federal Reserve Bank of New York. This marks a $50 billion increase, reflecting significant economic strain. Under President Biden's administration, the total credit card debt has surpassed $1.1 trillion, with interest rates over 20%, resulting in over $180 billion in fees and interest for companies like Visa and MasterCard. Additionally, consumer debt has hit $2.5 trillion in the second quarter, with credit card debt at its highest level in 17 years. In New York City, credit card debt per capita has been increasing faster than the national average, jumping 11% since early 2021.
Consumer debt hits $2.5 trillion in second quarter, with credit card debt at its highest level in 17 years. https://t.co/3J2YC0pjxm
New data released in the last two months has fleshed out a troubling picture for New Yorkers. Overall on a per capita basis, credit card debt has been increasing faster in NYC than the rest of the nation since early 2021 and jumped 11%. https://t.co/EuPEUJ81gn
Under Biden, total credit card debt is now over 1.1 trillion dollars It’s just like that “other” national debt except We the People can’t print money to pay it With credit card interest rates over 20%, Visa, MasterCard et al have raked in $180+ billion in fees and interest And…
