US consumers are piling into credit card debt like never before: Total US credit card debt hit 1.1 trillion in the week ending July 16th, matching a record high set in May. Year-to-date, credit card debt has risen by +17 billion. Since April 2021, it has surged by a whopping +363 billion. That’s an average increase of +7.3 billion PER MONTH. The worst part? This does not include "Buy Now, Pay Later" spending, which is projected to hit a record 116.7 billion this year. Americans are "fighting" inflation with credit card debt.(The Kobeissi Letter)