Sean Vanatta is a senior lecturer in financial history and policy at the University of Glasgow, and author of the book Plastic Capitalism on the history of credit cards.
An odd thing happened earlier this month: US credit card debt declined.
To be more precise, the Federal Reserve’s G-19 consumer credit series, released on August 7, showed a decrease from May to June in seasonally adjusted revolving consumer credit owned, essentially a measure of aggregate US credit card debt.
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