Credit Card Debt Hits a New High, But Retailers Like J.C. Penney Are Still Down in the Dumps
What are Americans swiping their credit cards for?
American credit card debt has hit a record $1.0217 trillion, according to the Federal Reserve. The previous record was set a decade ago ahead of the 2008 financial crisis.
American are clearly spending more, and yet retailers like Macy's (M) - Get Macy's Inc Report and J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report continue to struggle, closing multiple stores every year. Is Amazon (AMZN) - Get Amazon.com, Inc. Report the one cashing in or are you swiping your card for something else?
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Editors' Note: Originally published on August 10, 2017.
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