According to the Federal Reserve Bank of New York’s quarterly household debt and credit report, total debt increased by only 0.1% to $17.06 trillion during the second quarter. The increase was driven by credit card balances, which rose by $45 billion to $1.03 trillion. While credit card delinquencies have ticked higher, Fed researchers note these levels are not cause for alarm since they are in-line with pre-pandemic levels.
NY Fed Finds Uptick in US Credit Card Borrowing, Household Debt Remains Unchanged
Published on August 11, 2023
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