FRBNY: Consumer Debt Increases in Q3 Led by Largest Year-Over-Year Credit Card Balance Jump in 20 Years

The Federal Reserve Bank of New York (FRBNY) released its Q3 report on household debt, revealing an increase in credit card balances by 15% year-over-year, the largest increase in more than 20 years. The report also cites this years’ significant price increases of both homes and autos as factors in the growing balance. Overall, household debt is $2.36 trillion higher than pre-pandemic levels, which the FRBNY attributes to the ‘combination of robust consumer demand and higher prices.’

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