Has bank card debt elevated about 45% since 2020?

Sure.

Individuals’ bank card debt totaled $1.07 trillion on Aug. 21, 2024, in accordance with Federal Reserve Financial institution information — 43% larger than the $746 billion on Jan. 20, 2021.

The debt reached a file $1.14 trillion in the course of the second quarter of 2024.

The Wisconsin Republican Celebration made the bank card declare in a flyer circulated in August as a criticism of Vice President Kamala Harris.

As a comparability to the earlier administration, bank card debt elevated 17% from the primary quarter of 2017 to the primary quarter of 2020 simply earlier than the COVID-19 pandemic.

The nonpartisan U.S. Authorities Accountability Workplace reported that many individuals probably paid down balances with federal stimulus funds they acquired in 2020-21 in response to the pandemic, then card utilization elevated.

Bankrate, a banking trade writer, cited near-record bank card rates of interest and better inflation, which led to extra bank card use to finance common spending.

This truth transient is attentive to conversations akin to this one.

Sources

Federal Reserve Financial institution: Client Loans: Credit score Playing cards and Different Revolving Plans, All Business Banks

Google Docs: Wisconsin Republican Celebration Kamala Harris flyer

CNBC: Common client now carries $6,329 in bank card debt. ‘Individuals are stretched,’ specialists says

Federal Reserve Financial institution: Family Debt and Credit score

Federal Reserve Financial institution: Three measures of US bank card debt

Federal Reserve Financial institution: Which U.S. Households Have Credit score Card Debt?

U.S. Authorities Accountability Workplace: Credit score Playing cards: Pandemic Help Seemingly Helped Cut back Balances, and Credit score Phrases Diverse Amongst Demographic Teams

Bankrate: Bankrate’s 2024 Credit score Card Debt Report