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Americans Continue to Pay for Inflation With Credit Cards

Schiff Gold | Oct. 11, 2022

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.

Total consumer debt increased by $32.2 billion in August, an 8.3% increase on an annual basis. That was well above the $24 billion projection.

In July, it appeared debt growth was cooling slightly, but the August data showed a big jump from July’s 6.8% increase.

The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, US consumers are buried under more than $16 trillion in debt.

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