US Credit Card Debt Reaches All-Time High of $1.14 Trillion
Amid the ongoing uncertainty facing the country’s economy, US credit card debt has reached an all-time high of $1.14 trillion. The figure was reported by the Federal Reserve Bank of New York Tuesday, and shows the concerning necessity for American citizens to rely on borrowing. The figure has been on an upward trajectory for some time. Indeed, the figure is currently $27 billion more than it was in Q2 2024. With employment data driving panic of an incoming US recession, worries of an economic downturn continue to persist. JUST IN: US credit card debt reaches new all-time high of $1.14 trillion. — Watcher.Guru (@WatcherGuru) August 8, 2024 Also Read: The US Debt Limit Hits $35T, What Does It Mean For The US Dollar? US Credit Card Debt Hits Record In a Concerning Development Since the start of the year, the finance sector expressed worry over a rising US national debt figure. The limit recently hit a record of $35 trillion, with federal spending looking to facilitate an incom...