Debt is hitting consumers as interest rates soar
Consumers are piling up credit card debt at a rate not seen in decades as inflation continues to dominate the US economy.In the most recent quarter, ending in September, overall consumer credit card balances increased 15%: the largest year-over-year increase the New York Federal Reserve has measured in more than 20 years. Taken together, the balances are close to $1 billionwithout adjusting for inflation, for the first time in history.And while analysts say many American consumers remain in good financial shape thanks mainly to low unemployment, the debt situation is turning dire.As the Federal Reserve has continued to raise interest…
