Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data. . Revolving credit, which includes credit cards, surged by 21.4%.
Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday.Revolving credit, which includes credit cards, surged by 21.4%.Despite robust wage growth -- over the past 12 months, average hourly earnings have gone up by 5.5% -- consumers are seeing those gains eroded by the highest inflation in 40 years. The cost of food is up nearly 9% over the last year, and a gallon of gas now averages $4.
That means interest rates will rise on everything from credit cards to car loans, pressuring household budgets even further.Read More"All of this newfound debt that Americans have is only going to get more and more expensive in the coming months," said Matt Schulz, chief credit analyst for Lending Tree. The rise in debt levels is likely driven by two factors, Schulz said. First, there is some pent-up spending after lockdown.
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