Credit Card Balances Top $1 Trillion for First Time in Q2

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Inflation may be cooling off. But a lot of us are still feeling the squeeze from higher prices. As a result, credit card debt is skyrocketing. The Federal Reserve reported today that credit card debt owed just topped a trillion dollars from the first time ever in the second quarter, bank rate. Senior industry analyst, Ted Rossman was on stretching your dollar today to talk about what's driving most Americans into debt. Take a listen. It's primarily very practical stuff. The top answer is emergency expenses, some sort of unexpected medical bill, home repair, car repair, something like that. That's number one, number two is just day to day expenses. And I feel like that's been especially relevant for a lot of people these past couple of years with high inflation and high interest rates. The measure of credit card debt that's 30 days or more late reached 7.2% in the second quarter making it the highest it's been since 2012.