Credit Card Debt , On the Rise Amid , High Inflation & Interest Rates.<br />NBC reports that the combined impact of inflation and <br />rising interest rates have pushed consumers into $43 <br />billion in credit card debt in the second quarter of 2023.<br />NBC reports that the combined impact of inflation and <br />rising interest rates have pushed consumers into $43 <br />billion in credit card debt in the second quarter of 2023.<br />According to data from WalletHub, U.S. consumers took <br />on more than triple the average amount of new debt <br />since after the Great Recession in 2007 and 2008.<br />The personal finance website's data showed that <br />total credit card debt and debt per household both <br />increased by approximately 8% compared to 2022.<br />At the end of June, the average household's <br />credit card debt was at $10,170 and on the rise. .<br />Comparatively, WalletHub's all-time high debt <br />reading was at $12,412 for each household.<br />NBC reports that the Federal Reserve has driven <br />rates to the highest they've been in over 20 years, <br />now standing in the range of 5.25% to 5.5%, .<br />NBC reports that the Federal Reserve has driven <br />rates to the highest they've been in over 20 years, <br />now standing in the range of 5.25% to 5.5%, .<br />Bill Adams, the chief economist at Comerica, says that <br />many Americans have diminished whatever financial <br />cushion they were able to amass during the pandemic.<br />Pandemic-era savings are largely <br />spent down for most middle-income <br />and lower-income households, Bill Adams, Chief economist at Comerica, via NBC.<br />NBC reports that the end of the pause on <br />federal student loan payments has increased <br />the financial woes of many borrowers.<br />The restart of student loan <br />payments for those higher-income, <br />young and middle-age professionals <br />could be a big drag on consumer <br />spending by that cohort, Bill Adams, Chief economist at Comerica, via NBC
