Consumer revolving credit dropped by $1.7 billion in June, marking the largest decline since March 2021. Americans are reaching their limit on taking on more credit.

https://preview.redd.it/fnm3eupfs2id1.png?width=857&format=png&auto=webp&s=c891c15dadfc3c59bc5f50922dfca68911f7b756

On a month-over-month basis, it decreased by 0.13%, making it the second decline in the last three months.

For context, in the six years leading up to the 2020 Pandemic, the US only saw five months of revolving credit declines.

The 3-month moving average growth has been decreasing for over two years, the longest downward streak since the 2008 Financial Crisis.

This decline follows the average credit card interest rate hitting a new high of 22.8% in Q2 2024.

submitted by /u/XGramatik
[link] [comments]

Make a post in our subreddit XGramatikInsights, and your thoughts will appear here!

Share the Post:

Related Posts