Americans Racking Up More Credit Debt
As inflation continues to trend upwards, more and more Americans are leaning on credit to cover their expenses.
Consumer credit – including credit cards, student loans, and auto loans – went up nearly 7% in the month of October, while credit card balances shot up 15% in the third quarter of the year.
All that debt could be tough to climb out of, with interest rates going up significantly in 2022.
Our Chief Economist Curt Long comments on consumer credit trends, saying that “we’re now pretty much back to where we were on trend to be prior to the pandemic.” Read the latest from @entrepreneurguy in @Marketplace https://t.co/xSaDEa027b
— NAFCU (@NAFCU) December 9, 2022