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American Credit Card Debt Hits $1 Trillion for the First Time Ever

The end of July saw American credit card debt collectively hit $1 trillion for the first time

ever. According to Axios, the Federal Reserve Bank confirmed on Tuesday that credit card balances in the United States increased in the second quarter of 2023 by $45 billion, or 4.6 percent, to a new total of $1.03 trillion. However, the collective credit card debt still has a lower share of American gross domestic product (GDP) than it did in 2010 or pre-COVID 2020. Is it consumer confidence?

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