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Americans leaned heavily on credit card crutches in June as inflation surged
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Trajectory of credit card debt during the pandemic shows a steep rise. | NY Fed
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Americans leaned heavily on credit card crutches in June as inflation surged

Americans leaned heavily on credit card crutches in June as inflation surged

John K. White·
Lending
·Aug. 2, 2022·1 min read

A New York Fed report released this morning shows Americans leaned heavily on their traditional credit cards in June to offset growing financial pressures from inflation.

The Washington Post reported that it was the biggest monthly increase in credit card spending in 20 years.

The NY Fed report shows an increase in total household debt in the second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion. The report stated that balances now stand $2 trillion higher than at the end of 2019, before the COVID-19 pandemic.

The Fintech Nexus News team is working on expanding this story to uncover the impacts and implications for fintech. We will update the story as we gather analysis from our roster of topic experts.

Table showing debt numbers for Q2 2022
New York Fed household debt report statistics.
  • John K. White
    John K. White

    John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada's first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.

    View all posts

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credit card debtdebtNew York Fed
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