{"id":1994643,"date":"2023-08-08T18:26:05","date_gmt":"2023-08-08T22:26:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-consumer-credit-card-debt-reaches-1-trillion-for-first-time\/"},"modified":"2023-08-08T18:27:20","modified_gmt":"2023-08-08T22:27:20","slug":"us-consumer-credit-card-debt-reaches-1-trillion-for-first-time","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-consumer-credit-card-debt-reaches-1-trillion-for-first-time\/","title":{"rendered":"US consumer credit card debt hits $1 trillion milestone."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-consumer-credit-card-debt-reaches-1-trillion-for-first-time%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1994643&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>U.S. Credit Card\u200b Debt Surpasses \u2064$1 Trillion, Reaching Record \u2063High<\/h2>\n<p>The Federal Reserve\u200c Bank of\u2063 New York recently\u200c released \u200dits quarterly report on household\u2063 debt and credit, revealing a\u200d significant milestone in U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-takes-a-blowtorch-to-the-truth-with-household-debt-and-savings-claim\/\" title=\"Biden Takes A Blowtorch To The Truth With Household Debt And Savings Claim\">consumer <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-worker-sentenced-to-18-months-in-prison-after-lying-to-govt-for-pandemic-benefits\/\" title=\"NASA worker sentenced to 18 months in prison after lying to govt. for pandemic benefits\">credit card debt<\/a><\/a>. The total \u2063debt has now exceeded $1.03 trillion, \u200bmarking \u200dthe highest it has ever been.<\/p>\n<p>While this \u2064news may\u200d raise concerns, it&#8217;s important to note that \u200dthe\u2063 debt-to-GDP ratio remains relatively\u2062 low at 3.7%. However, the increase is still \u200cnoteworthy, with credit card debt rising by $45 billion or\u200d 4.6% \u200bfrom the previous quarter.<\/p>\n<h3>Experts Warn of Potential Consequences<\/h3>\n<p>Economists have been closely monitoring these figures, and\u200c the recent trend is causing some alarm. Last year, credit card debt saw a staggering 17% increase, amounting to a jump\u2064 of $145 billion. This quarter&#8217;s results have failed to show the\u200b usual decrease, \u200braising concerns \u200babout the future\u200d trajectory of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stephen-moore-to-newsmax-dumbest-thing-to-pass-2t-debt-bill\/\" title=\"Stephen Moore to Newsmax: 'Dumbest Thing' To Pass T Debt Bill\">credit card balances<\/a>.<\/p>\n<p>According to Matt \u2063Schulz, chief credit \u2064analyst at LendingTree, &#8220;That lack of a decrease \u200bmay not bode well for Americans&#8217; credit card debt numbers for \u200dthe rest of the\u200c year. Thanks to rising \u200binterest rates, stubborn inflation, and\u200d other economic \u2063factors, it&#8217;s likely just a matter of time\u200b before <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-consumer-credit-card-debt-reaches-1-trillion-for-first-time\/\" title=\"US consumer credit card debt hits  trillion milestone.\">credit card balances surpass  trillion<\/a> for the first time since the New York Fed began tracking.&#8221;<\/p>\n<h3>Implications for U.S. Household Debt<\/h3>\n<p>With \u2063credit card debt reaching this record high, the total U.S. household debt now \u200bstands \u2064at a staggering $17.06 trillion. This milestone serves as a reminder \u200cof the importance of responsible financial management and the\u200c need for individuals to stay vigilant in managing their credit card balances.<\/p>\n<p>For more information on this topic, you can visit <a href=\"https:\/\/www.washingtonexaminer.com\">The Washington Examiner<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. consumers&#8217; credit card debt has surpassed $1 trillion, a record high, according to the Federal Reserve Bank of New York. The latest quarterly report on household debt and credit shows that the total now stands at $1.03 trillion. Although it is a significant amount, it is not the highest ever recorded.<\/p>\n","protected":false},"author":1,"featured_media":1994644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1994643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1994643"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1994644"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1994643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1994643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1994643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}