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Record debt: Consumers are racking up credit card debt at record rates

The Federal Reserve reports consumer debt is up to more than $52 billion as of March 2022.
The Federal Reserve reports consumer debt is up to more than $52 billion as of March 2022.(rattanakun via canva)
Published: May. 7, 2022 at 1:56 PM EDT
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(CNN) - U.S. consumers are racking up credit card debt at record rates.

The Federal Reserve reports consumer debt levels for March 2022 climbed by more than $52 billion. Revolving credit, which includes credit cards, surged by more than 21%.

Officials said those credit card bills are likely going to be harder to pay off because interest rates are also expected to rise.

Americans are making more money, as average hourly earnings have gone up by more than 5% in the past year, but their paychecks aren’t going much further with the highest inflation in 40 years.

Analysts say it’s not clear yet if the increase in credit card debt is a sign of confidence in the economy or a sign of concern.

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