Consumer debt nearly doubled between May and June, soaring from $9.4 to $17.9 billion, according to a Consumer Credit Report released Monday.
A credit slump amid the Fed’s rate hikes caused a sharp increase in the amount of outstanding credit for payments like car loans and mortgages. The numbers are not adjusted for inflation and far exceeded expectations of $13 billion.
The data comes as U.S. credit card debt is now at an all time-high of over $1 trillion as more Americans are relying on credit to make ends meet. A recent lending club survey found over 70% of people making less than $50,000 are living paycheck to paycheck.
The same goes for over 60% of those making between 50 and $100,000. According to the Census Bureau, over 85 million Americans used credit cards to help pay their bills in the past seven days.