Consumers’ revolving credit, or credit cards, rose by $7.4 billion in May to $1.02 trillion, the highest level since July 2008, according to a separate report by the Federal Reserve Bank of St. Louis.
Altogether, total household debt, including mortgages, student loan balances, credit cards and car loans, reached $12.73 trillion in the first quarter of this year – a record high, topping the previous peak also hit in 2008.