Credit Card Usage Jumps as Consumers in July Add $10.4 Billion in Debt

September 11, 2023 | investopedia.com

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· Revolving credit grew $9.6 billion, mostly in credit card debt, while consumers also added another $773 million for auto loans and other non-revolving debts. · The Federal Reserve report on consumer credit showed a total outstanding credit of $4.98 trillion. · Delinquencies at retailers like Nordstrom and Macy’s show more credit strain could be coming. Read More: Click Here NJ SEED: The figures cited are national, but NJ, a high cost state in which to live, is surely represented. Excessive consumer debt does not bode well for the economic future.