U.S. credit card debt jumps 18.5% and hits a record $930.6B

Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B by minhazm on Friday February 03, 2023 @01:04PM (#34645215)

I'm curious how much of this is debt that is being carried for more than a month. I like many others use a credit card for the cash back / points and other benefits they provide and just pay off the balance every month.

[ Parent | on HN ]

Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B by time_to_smile on Friday February 03, 2023 @01:38PM (#34645829)

If it where the case that everyone was like you in their credit card use it would have to imply one month consumer spending also went up dramatically. This is something, at least according to earnings reports coming it, I don't believe we're seeing.

[ Parent | on HN ]

Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B by calr on Friday February 03, 2023 @02:22PM (#34646509)

Or perhaps credit card popularity is increasing; spending that was previously done via cash and debit cards is shifting to credit cards. That would leave earnings constant.

[ Parent | on HN ]

Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B by babypuncher on Friday February 03, 2023 @01:46PM (#34645959)

My credit card debt looks substantially higher today than it did two years ago, but that's because I shifted from charging everything to my debit card to using a credit card that earns me rewards.

My average CC balance is about $1500-$2000, but it never stays there long enough to accrue interest because I just pay it off at the end of every month.

[ Parent | on HN ]

Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B by dudul on Friday February 03, 2023 @10:12PM (#34651026)

Does it even count as debt or balance if you just pay the full statement every time? It never generated interest payments so I wouldn't think so.

[ Parent | on HN ]