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Bank of America Credits 'Healthy' Consumer Spending for Resilient Q2

Business Insider

Combined credit and debit card spend reached $221 billion, up 10% year over year (YoY). Credit spend jumped 17%, and debit rose 6% to a record high.

Total payment spend for H1 rose 13% YoY to a record $2.1 trillion, driven by increases in every category.

Average credit card outstanding balances rose 10% YoY to $81 billion, although they were still below the $86.2 billion reported in the same period of 2020. Net charge-offs increased 46% from Q1 to $571 million, driven by loan sales and “other credit decisions.”

Consumers opened more than 1 million credit card accounts, a 15% YoY rise.