Subscribe
Logo
Logo
  • Topics Icon Topics
    • AI Icon AI
    • Banking Icon Banking
    • Blockchain/DeFi Icon Blockchain/DeFi
    • Embedded Finance Icon Embedded Finance
    • Fraud/Identity Icon Fraud/Identity
    • Investing Icon Investing
    • Lending Icon Lending
    • Payments Icon Payments
    • Regulation Icon Regulation
    • Startups Icon Startups
  • Podcasts Icon Podcasts
  • Products Icon Products
    • Webinars Icon Webinars
    • White Papers Icon White Papers
  • TechWire Icon TechWire
  • Search
  • Subscribe
Reading
Americans leaned heavily on credit card crutches in June as inflation surged
ShareTweet
Trajectory of credit card debt during the pandemic shows a steep rise. | NY Fed
Home
Fintech
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

Tags
credit card debtdebtNew York Fed
Related

Improving Merchant and Consumer Financial Wellness with Embedded Lending

Student Borrowers are Frustrated. Will Lenders Answer Calls for Transparency?

debt

A return to “normal” debt – financially vulnerable left behind

Stressed businessman feeling desperate on crisis stock market, investment concept.

TransUnion predicts 2023 delinquent rate rise for credit cards and personal loans

Popular Posts

Today:

  • Paraform Founders, Jeffrey Li and John KimFunded: Paraform raises $20M to put top recruiters, not AI, in the driver’s seat Jun. 27, 2025
  • Stylizedhouse-with-EKGFintech x the One Big Beautiful Bill Jun. 26, 2025
  • GreenliteAI-Alex-WillGreenlite AI is on a mission to revolutionize banking compliance Jun. 10, 2025
  • Ironclad State of AI ReportThe Economics of AI Trust Jun. 11, 2025
  • Revised-AI-InvoiceAI Faces Skepticism. Startups Say: OK, Pay When it Works Jun. 25, 2025
  • Ahead of AIOutsmart Pricing Objections Before They Arise with AI Jul. 1, 2025
  • SimonWu-CaptionCathay’s Wu: Secondaries now “a structural pillar” for VC liquidity, exits Apr. 3, 2025
  • TechNexus The AI IssueSteal Like an AI? Defining Fair Use & Creativity Jun. 25, 2025
  • DanMurphy-FN-headshotCFPB’s Next Open Banking Battle Begins Jun. 3, 2025
  • WP-Funded2Funded: Maze nabs $25M Series A to stop cloud breaches before they start Jun. 13, 2025

This month:

  • WP UmbrellaTo Bank or Not to Bank: The ILC Question Jun. 5, 2025
  • GreenliteAI-Alex-WillGreenlite AI is on a mission to revolutionize banking compliance Jun. 10, 2025
  • Current stablecoin adoptionWhy Banks (and Fintechs) Need to Embrace Stablecoins Today Jun. 12, 2025
  • ai-work-nexusWalkMe Vets Declare War on SaaS Bloat with $10M Seed for Autonomous Agents Jun. 10, 2025
  • DanMurphy-FN-headshotCFPB’s Next Open Banking Battle Begins Jun. 3, 2025
  • Jon StonaTips from Airwallex x McLaren on Making the Best of a Fintech Sponsorship  Jun. 18, 2025
  • Ironclad State of AI ReportThe Economics of AI Trust Jun. 11, 2025
  • Email-AI-pieceAvatar CEOs Have Entered the Meeting Jun. 18, 2025
  • Ben Hemani, Founding Partner at Bison VenturesThe Risk and Reward of Betting Big on AI’s Next Frontier Jun. 4, 2025
  • Globe-money-symbolsOPINION: Why Brazil and India are leading the global digital shift through payment innovation Jun. 24, 2025

  • About
  • Contact
  • Disclaimer
  • Privacy Policy
  • Terms
Subscribe
Copyright © 2025 Fintech Nexus
  • Topics
    • AI
    • Banking
    • Blockchain/DeFi
    • Embedded Finance
    • Fraud/Identity
    • Investing
    • Lending
    • Payments
    • Regulation
    • Startups
  • Podcasts
  • Products
    • Webinars
    • White Papers
  • TechWire
  • Contact Us
Start typing to see results or hit ESC to close
lis digital banking USA Lending Club UK
See all results