The NY Fed report released March 7 showed credit card balances fell 0.3% after increases in December and November, 4.9% and 24.8% respectively. Total consumer debt, which rose only $6.8 billion, had been forecast for a $24 billion rise. At the same time, respondents to Fed’s Consumer Expectations survey revealed that they are finding credit is more difficult to access than last year. Going forward, with wages on the rise and savings still strong, consumers’ willingness to spend added to rate hikes may have an impact on the pace of inflation.