US credit card debt hits $1.26tn, near last year's record
America's credit card debt grew by $21 billion, or 1.7%, in the second quarter, bringing the total to $1.26 trillion. The Federal Reserve Bank of New York reported that this figure is slightly below last year's record high of $1.28 trillion. High inflation is making it harder for many households to afford essentials, leading them to carry balances, an economics professor said.
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