American credit card debt clears $1 trillion

The White House earns an average 38.3% approval rating on the economy.

By Ben Whedon

Published: August 8, 2023 4:04pm

Total American credit card debt has passed $1 trillion for the first time in history.

The New York Federal Reserve on Tuesday noted that total credit card debt rose by $45 billion from April-through-June to reach $1.03 trillion, according to CNBC. Delinquency rates also surged along with overall debt. Total debt 30 days late or more stood at 7.2%, up from 6.5% in the last quarter.

"Credit card balances saw brisk growth in the second quarter... And while delinquency rates have edged up, they appear to have normalized to pre-pandemic levels," said Joelle Scally, the New York Fed's regional economic principal for the Household and Public Policy Research Division.

Total household debt rose $16 billion to $17.06 trillion.

The Biden administration has touted its "Bidenomics" initiatives amid declining inflation rates and strong jobs numbers, though the American people continue to give him poor marks on the economy.

The White House earns an average 38.3% approval rating on the economy in the RealClearPolitics poll of polls, compared to a disapproval mark of 58.3%.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.