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Wage growth for U.S, workers is lagging well behind record-high inflation. A new report from the Federal Reserve found that disparity helped drive a record jump in credit card and other consumer debt. Total consumer debt in the U.S. is now north of $16 trillion.
U.S. credit card user balances shot up $46 billion in the second quarter of 2022, a 13% spike that's the biggest year-over-year jump in 20 years.\n
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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 surged in the United States from April through June as Americans borrowed billions of dollars to continue spending in the face of growing inflation, according to a Tuesday report from the Federal Reserve Bank of New York.