American household credit card debt surged by the highest amount in over 20 years during the second quarter, according to the New York Federal Reserve.
Credit card debt held by American households surged by 13% on an annualized basis in the second quarter, representing the sharpest climb since 1999 as consumers increasing rely on credit amidThe Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit released Tuesday shows total household debt reached $16.15 trillion at the end of June, an increase of $312 billion from the same quarter a year ago with mortgage, car loan and credit card balances all rising.
U.S. credit card debt surged in the second quarter by the highest annualized rate seen in over 20 years. Mortgage balances climbed by $207 billion to $11.39 trillion, auto loans rose by $33 billion to $199 billion, and credit card balances increased by $46 billion and are now just below pre-pandemic levels, according to the report. Student loan balances, whichAll told, non-housing balances increased by $103 billion from the first quarter, the greatest quarterly increase since 2016.
Used cars for sale are pictured Thursday, June 24, 2021, in Oklahoma City. Prices for used cars have soared so high, so fast, that buyers are being increasingly priced out of the market.
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