Peter's Blog

Credit Card Debt Surges Again in March Despite High Interest Rates

After pulling back slightly in February, Americans went back to borrowing on credit cards in March — despite record-high interest rates. This indicates that consumers continue to struggle to make ends meet in this deteriorating economy. It also reveals that the Fed’s monetary tightening is not cooling spending as promised.

Recession Warning? Consumer Debt Climbs Again But Pace Slowing

American consumers continued to pile on debt in February, but the pace of borrowing slowed significantly, another sign the economy could be heading toward a recession. Overall, consumer debt grew by $15.3 billion in February, a 3.8% annual increase, according to the latest data from the Federal Reserve. That compares with an upwardly revised 19.5 […]

Consumer Debt Increase Slows in December But Americans Still Relying on Credit Cards

Consumer debt grew at a slower pace in December, but Americans continued to rely heavily on credit cards to keep up with high price inflation.

A Ticking Time Bomb: Rising Consumer Debt and Rising Interest Rates

Rising consumer debts colliding with rising interest rates is a ticking time bomb. Over the last several months, consumer debt has climbed at a steep, steady pace as Americans struggle with rising prices. November was no different, with consumers piling on another $27.9 billion in debt.

Americans Pile on Another $25 Billion in Consumer Debt

American consumers continue to dig deeper into debt as they try to cope with rising prices using credit cards. Americans added another $25 billion to their record levels of debt in September, according to the latest data from the Federal Reserve.

Americans Continue to Pay for Inflation With Credit Cards

Credit card debt continues to spiral higher as consumers struggle with rising prices and depleted savings. In August, revolving credit increased by a staggering 18.1% as total consumer debt surged to a record $4.68 trillion, according to the latest consumer credit data from the Federal Reserve.

Americans Continue to Pile on More and More Debt

American consumers continue to cope with rising prices and prop up the sagging economy using their credit cards. Total consumer debt rose another $23.8 billion in July to a record $4.644 trillion, according to the latest data from the Federal Reserve.

Record Consumer Debt Levels Continue to Climb

Consumers continue to add to their record level of debt as higher prices squeeze wallets. Americans added another $40.1 billion to the debt load in June, according to the latest data from the Federal Reserve. That represents a 10.5% year-on-year increase.

Total Household Debt Hit a Record $16 Trillion in Q2

Personal income from all sources adjusted for inflation — real income — fell for the second straight month in June and was down 1% on the year. But American consumers continue to spend. How can this be? They’re running up debt at a dizzying pace. This undercuts the narrative claiming the American consumer is “healthy.”

American Consumers Added to Record Debt Level in May

American consumers added to their record levels of debt in May as they continue to struggle to make ends meet in this inflationary environment. Americans increased their debt load by $22.35 billion in May, according to the latest data from the Federal Reserve. That represents a 5.9% annual increase.