Challenging economic conditions, including persistent inflation and rising interest rates, have pushed Americans further towards credit card usage. The NY Fed’s data underscores this, pointing out that credit cards are the primary household debt form, with their prevalence only growing. A notable statistic: 69% of Americans had a credit card in Q2 2023, a growth from 65% in late 2019. Additionally, there’s an influx of 70 million new credit card accounts since 2019.
In a broader perspective, the total household debt has climbed to $17.06 trillion in Q2 2023, an upswing of $16 billion from the preceding quarter.