US credit card debt tops $1 trillion – report ...News

Americans borrowed more than ever in the last quarter, Fed data shows Credit card balances in the US rose by $45 billion in the second quarter, surpassing $1 trillion for the first time ever, the New York Federal Reserve Bank reported on Tuesday. Delinquency rates have now returned to pre-Covid levels, the bank’s economists said, noting that the two most recent quarters “appear to show some stabilization.” Other balances, which include retail credit cards and other consumer loans, as well as auto loans increased by $15 billion and $20 billion, respectively. The quarterly report shows that student loan balances fe

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