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.

Read More