This is the highest amount in this category since at least 2016. The total amount of outstanding revolving debt (including credit cards) was USD$ 1.11 trillion.The total amount of outstanding debt was USD$ 4.59 trillion.

Nonrevolving credit increased at an annual rate of 5.2%.Revolving credit (including credit cards) increased at an annual rate of 8.1%.Consumer credit increased at a seasonally adjusted annual rate of 5.9%.In the May 2022 report, the Federal Reserve reported the following: The Federal Reserve regularly releases a report detailing a variety of different factors related to consumer credit. A recent report from the Federal Reserve is showing that many Americans are opening credit cards as one way to cope with inflation.

Wages at many employers have risen as well, but not always as fast as expenses. The cost of many goods and services has risen significantly, which has put some households in a financial crunch. Inflation has risen significantly over the past several years, which has a profound impact on the lives of many people in the United States and worldwide.

What is intuit mint used for