U.S. consumers added a total of $67.1 billion in credit card debt during the second quarter of a financial year in 2022 amid soaring inflation, according to a new WalletHub study.
The quarterly credit card debt study is based on an analysis of the latest data on consumers’ finances from TransUnion as well as the Federal Reserve and Bureau of Labor Statistics.
The study found that the increase in credit card debt during the second quarter was three and a half times larger than the post–Great Recession average for the second quarter of the year. Meanwhile, outstanding credit card debt increased by roughly 6 percent during the same quarter compared to the previous quarter….