Credit Card Balances Increased in Q1 2023

The Federal Reserve Bank of New York’s quarterly report on household debt underlined an increase in consumer credit card borrowing. Credit card balances surged to nearly $1 trillion by the end of the quarter, representing a 17% increase from the previous year’s $840 billion. Furthermore, the report revealed a rise in credit card late payments, with approximately 6.5% of credit card balances delayed over 30 days, up from 5.9% at the end of 2022.

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