When in Doubt, Credit it Out
Credit card debt has surged to $1.103 Trillion...
Even if you had a great week, those who base happiness on the price tag had a bad week. Inflation dipped from 8.5% to 8.3% in April, but numbers from May found an occurrence of 8.6% inflation - the highest spike since December 1981. These figures went against the Wall Street predictions as well as the Fed predictions.
Credit card debt also seemed to be a figure which skyrocketed. According to the monthly credit report gathered by the Fed, revolving credit jumped 19.6% at the end of April. This is higher than the pre-Covid debt of $1.1 Trillion (currently, credit card debt sits at $1.103 Trillion).
Gas prices will also continue to traumatize Americans at the pump as they have jumped by 48.7% and an increase in food prices has jumped as well by 11.9%.
Read more of an in-depth analysis at the inflation numbers released by the FED yesterday HERE