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 Report and J.C. Penney (JCP) - Get Report continue to struggle, closing multiple stores every year. Is Amazon (AMZN) - Get Report the one cashing in or are you swiping your card for something else?
Watch More with TheStreet:
- This One Thing Might Stand in the Way of $1,300 Gold - Trader
- HBO is Considering Paying 'Bounty Payment' to Hackers Who Stole Game of Thrones Scripts
- Hang On - Hurricane Season Is Getting More Intense
- Jim Cramer Reveals Why Not to Buy Apple's Stock Right Now
Editors' Note: Originally published on August 10, 2017.
N/A
