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Americans Deepen Debt Amid Credit Expansion
The Federal Reserve reports consumer nonmortgage debt rose to about 288 billion by end May, up 18 percent from a year earlier, as credit availability and inflation push more Americans to buy now and pay later. Card delinquency remains below peak levels of 1975, with rising card use across Visa and Master Charge. The piece explains two main card types travel and entertainment with annual fees and revolving bank cards with interest, noting varying penalties and usury rules.
MENTIONED IN THIS ARTICLE
Louise Cook
Associated Press
Federal Reserve System
Timothy J. Connor
Interbank
Master Charge
Connor
Cynthia Chaddick
Visa
Chaddick
American Express