Rise in 2021 4th Quarter Credit Card Balances Reported to Be Largest in Two Decades

U.S. credit card balances increased at a higher rate in late 2021 than at any point during the last 22 years. Overall, outstanding card loans rose by $52 billion in the fourth quarter, according to a report by the Federal Reserve Bank of New York. Market observers believe this was a result of last year’s holiday season shopping and rising inflation. In addition to credit cards, mortgage and auto loan balances also rose exponentially. In all, the New York Fed reports total household debt rose by $1 trillion in 2021 — the largest increase in nominal terms since 2007.

Click here to read more.