Consumers Erased $170 Billion in Debt in Q2, Despite Overall Rise yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
U.S. consumer credit card debt rose nearly 5% in the second quarter of 2023, pushing the collective debt total passed the $1 trillion mark for the first time ever, according to a report released Tuesday by the New York Federal Reserve Bank.
Credit card debt increased to a record high in the second quarter as total household debt reached $17.06 trillion. And the Fed’s interest rate hikes to lower inflation could impact what consumers pay for credit. But there are multiple ways to pay off high-interest debt.
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