Credit card debt is surging as average American owes $6,218 [FOX Business Network]
TransUnion (TRU)
Last transunion earnings: 4/28 06:50 am
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Source: FOX Business Network
New data published Thursday by TransUnion shows the average debt per borrower hit $6,218 at the end of the first quarter, an 8.5% increase from one year ago. Consumers owe a collective $1.02 trillion in credit card debt. "As consumers manage expenses amidst stubbornly high inflation, demand for credit continues to be strong despite the currently relatively high interest rates," said Paul Siegfried, senior vice president and credit card business leader at TransUnion. Most households have seen their monthly expenses rise as the result of the ongoing inflation crisis. Although the consumer price index has fallen from a peak of 9.1%, it remains notably higher than pre-pandemic levels. And when compared with January 2021, before prices began to spike, inflation is up more than 18%. The findings come shortly after the New York Federal Reserve released new data revealing that a growing number of Americans are falling behind on their monthly credit card payments. The flow of credit
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TRU
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- 4/25/24 - Beat
TRU
Sec Filings
- 5/7/24 - Form 8-K
- 5/6/24 - Form 4
- 5/6/24 - Form 4
- TRU's page on the SEC website