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Consumer credit card debt accelerated in the second quarter

Balances rose by $27 billion to reach $1.14 trillion

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Total household debt increased by $109 billion in the second quarter to reach $17.8 trillion. But the headline number in the report from the Federal Reserve Bank of New York was credit card debt.

Consumers increased their balances on this extremely high-interest debt by $27 billion to reach $1.14 trillion. That’s nearly 25% of all new household debt in the April through June quarter, and when you consider the interest rate on that new debt is around 20% of higher, you se...

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