Americans continue to rack up credit card debt, hitting a record $1.14 trillion

[michaelmorgan]

https://www.cbsnews.com/news/credit-card-debt-total-us-2024/

 

U.S. consumers collectively owe a record $1.14 trillion in credit card debt, figures released Tuesday by the Federal Reserve Bank of New York show. That's $27 billion more than the $1.13 trillion in credit card debt they carried during the second quarter of 2024.

 

The high tally comes amid concerns of an economic downturn triggered by modestly rising unemployment, and as soaring costs in food, housing and auto rates continue to drain household budgets. Americans have increasingly been relying on credit cards to make ends meet, with 6 in 10 adults, or 60%, using credit cards to buy groceries in 2023, according to a May report by the Urban Institute.

[hegemony]

absolute amount matters little especially since it includes balances reported but PIF. and LOL. I used my credit card to buy groceries today. who writes this garbage?

[MP80]

The Federal Reserve Bank of New York does not take into account people like Hege and me and others to PIF purposely to let the balance report.

[Glacier]

I buy all my groceries with a credit card.  I want the rewards.  And yeah, like Hedge and MP80, I PIF.  Sometimes before the card closes, other times after the card closes, but always before due dates, and no interest is paid.