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Business Matters: US consumers owe $1 trillion in credit card debt

US consumers owe $1 trillion in credit card debt

08/11/2023 GMT

BBC World Service - Business Matters, US consumers owe $1 trillion in credit card debt

More people are missing payments as debt rises every quarter of the past two years

Research from the New York Fed shows the amount of credit card debt has been rising every quarter for the past two year with more people missing payments.

Research from the New York Fed shows the amount of credit card debt has been rising every quarter for the past two year with more people missing payments.

The $154 billion increase in credit card debt is the biggest since the organisation started tracking data in 1999.

Sam Fenwick discusses this and more global business news stories with Satoshi Shimoda, senior reporter at Nikkei newspaper in Tokyo, and Kristina Hooper, Chief Global Market Strategist at Invesco in New York.

(Picture: Shoppers cross Sixth Avenue in the Manhattan borough of New York City, U.S., September 21, 2023. Credit: REUTERS/Bing Guan)

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