Consumer debt soared by $52 billion in March – By Alicia Wallace (CNN) / May 6, 2022
San Francisco (CNN Business) Americans are racking up debt at record rates.
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 $4.279 at the pump.
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