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.