The Federal Reserve reports consumer debt levels for March 2022 climbed by more than $52 billion. Revolving credit, which includes credit cards, surged by more than 21%.
Officials said those credit card bills are likely going to be harder to pay off because interest rates are also expected to rise.
Americans are making more money, as average hourly earnings have gone up by more than 5% in the past year, but their paychecks aren’t going much further with the highest inflation in 40 years. Analysts say it’s not clear yet if the increase in credit card debt is a sign of confidence in the economy or a sign of concern.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Record debt: Consumers are racking up credit card debt at record ratesThe Federal Reserve reports consumer debt levels for March 2022 climbed by more than $52 billion.
Read more »
Consumer debt soared by $52 billion in MarchConsumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data. . Revolving credit, which includes credit cards, surged by 21.4%.
Read more »
Hunter Biden enlists Hollywood mega-lawyer for counsel and funding, sources sayKevin Morris, the attorney known for crafting the $550 million licensing deal for the creators of South Park, is now crafting a legal and media strategy for Hunter Biden
Read more »
How much are you spending on credit card swipe fees?Last year, Visa and MasterCard collected over $77 billion in credit-card swipe fees. That's about $700 for each U.S. family.
Read more »
13 Statement Mirrors That’ll Completely Change the Vibe of Your Space for Less Than $250Transform your space without transforming your credit card bill.
Read more »
The Fed Just Hiked Interest Rates and Signaled More Increases Are Coming. Here Are Money Moves to Make Now✔ Tips include paying down debt and shoring up personal budgets to be able to withstand any sudden shocks to the economy.
Read more »