Americans’ credit usage is spiking
June 8, 2022
Americans are using credit cards and taking out loans to pay for the products and services they want. The latest data from the Federal Reserve Bank shows that consumer credit jumped by $38 billion in April on top of March’s record increase of $52.4 billion. Ted Rossman, senior industry analyst for Bankrate, said the credit usage isn’t all bad news. “Some of this reflects rising consumer spending, which is good for the economy, of course, and also things like population growth and increased card usage (rather than cash),” he said.
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