CHART OF THE WEEK: US credit card debt just hit a RECORD of $1.14 trillion in Q2 2024!
The total credit card balances skyrocketed by $400 billion or 50% since 2021
US credit card debt jumped to another RECORD of $1.14 trillion in Q2 2024.
Over the last 3 years, it has increased by 50% or $400 billion as US consumers have been fighting inflation and elevated interest rates with debt.
At the same time, US household debt jumped by $109 billion in Q2 2024 to an all-time high of $17.8 trillion.
This debt now accounts for ~70% of US GDP, below ~100% seen during the Great Financial Crisis.
As consumer indebtedness has been rising more households have been struggling to pay out their debt on time. To read more details about the shape of the major driver of the US economy, please find out below analyses:
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