Credit card debt in the U.S. hit a record high in Q2, and Americans are paying the price — in interest.
The Federal Reserve Bank of New York reported Tuesday that credit card debt skyrocketed to $1.14 trillion as of Q2 2024. That’s a $27 billion increase from the previous quarter and a $111 billion jump from the same time last year. The report was representative of the nation, based on a national sample of data drawn from the New York Fed’s Consumer Credit Panel.
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Meanwhile, TransUnion’s second-quarter Credit Industry Insights Report released
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