{"id":46022,"date":"2023-08-08T16:26:09","date_gmt":"2023-08-08T20:26:09","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/americans-credit-card-debt-just-hit-1-trillion\/"},"modified":"2023-08-08T16:26:11","modified_gmt":"2023-08-08T20:26:11","slug":"americans-credit-card-debt-just-hit-1-trillion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46022","title":{"rendered":"Americans\u2019 credit-card debt just hit $1 trillion"},"content":{"rendered":"
\n

Credit-card debt surpassed the $1 trillion mark during the second quarter, a milestone pointing at consumers\u2019 continuing willingness \u2014 or need \u2014 to resort to credit cards in order to meet rising prices.<\/p>\n

Americans\u2019 collective credit-card bill rose to $1.03 trillion from $986 billion in the first quarter, according to the household debt report released Tuesday by the Federal Reserve Bank of New York.<\/p>\n

\n

Overall, Americans are taking on more debt and largely paying their bills on time, but cracks appear to be showing.<\/p>\n

Household debt climbed to $17.06 trillion, up just 0.1% from the previous quarter. This figure counts debts including mortgages, credit-card bills, car loans and student loans. Credit-card debt increased at the sharpest rate of all debt categories, researchers noted.<\/p>\n

Meanwhile, delinquency rates pushed higher. The share of credit-card debt that was at least 30 past due increased to 7.2%, up from 6.5% in the first quarter. That\u2019s the highest level since the first quarter of 2012, New York Fed data shows.<\/p>\n

For car loans, the share of auto loans past due by at least 30 days climbed to 7.2% in the second quarter from 6.8% during the prior quarter. That\u2019s the highest since the first quarter of 2018, data shows.<\/p>\n

\u201cCredit-card balances saw brisk growth in the second quarter. And while delinquency rates have edged up, they appear to have normalized to pre-pandemic levels,\u201d Joelle Scally, regional economic principal at the New York Fed\u2019s Household and Public Policy Research Division, said in a statement.<\/p>\n

There are signs of \u201csome stabilization\u201d on the amount of past-due credit-card bills, researchers said, but the numbers still indicate that consumers are getting saddled with more debt just as debt loads are expected to increase in the fall.<\/p>\n

Starting in October, federal student-loan payments will resume. The Biden administration says it will hold off on some of the harshest consequences for non-payment through September 2024, such as putting unpaid loans in default or reporting delinquencies to credit-reporting bureaus.<\/p>\n

Consumers paying down their federal student loans will have a combined $9 billion less to spend each month, and $100 billion less during the year, according to one estimate from Torsten Sl\u00f8k, chief economist and partner at Apollo Global Management.<\/p>\n

A day ahead of the latest numbers on household debt, a separate survey showed more people carrying a credit-card balance.<\/p>\n

Nearly half, 47%, of surveyed card holders said they were carrying a monthly balance, according to Bankrate, a personal-finance site. That\u2019s up from 46% in December 2022, and clearly higher than the 39% who said they were carrying a balance in December 2021.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Credit-card debt surpassed the $1 trillion mark during the second quarter, a milestone pointing at consumers\u2019 continuing willingness \u2014 or need \u2014 to resort to credit cards in order to meet rising prices. Americans\u2019 collective credit-card bill rose to $1.03 trillion from $986 billion in the first quarter, according to the household debt report released […]<\/p>\n","protected":false},"author":1,"featured_media":46023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-46022","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAmericans\u2019 credit-card debt just hit $1 trillion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Credit-card debt surpassed the $1 trillion mark during the second quarter, a milestone pointing at consumers\u2019 continuing willingness \u2014 or need \u2014 to resort\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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