Balances for unsecured personal loans were also up over 26% in the first quarter compared to a year ago, TransUnion reported Thursday.
U.S. credit-card debt rose by nearly 20% in the first quarter when compared to a year earlier, hitting $917 billion as consumers tried to cope with higher prices, first-quarter data from TransUnion released Thursday shows.
Balances for unsecured personal loans also smashed records at $225 billion, rising about 26% in the first quarter from a year ago. Credit-card originations, meanwhile, continued to remain elevated at the beginning of this year at 20.64 million, even as companies appeared to pull back from opening new subprime accounts amid higher delinquencies, TransUnion said. The share of subprime consumers carrying card balances also dropped to 10.2% in the first quarter from 10.9% at the end of 2022, “ending a trend of seven consecutive quarters of growth for the subprime segment,” according to TransUnion.
To be sure, first-quarter credit card balances were down slightly by 1.5% from the fourth quarter, when debt levels are usually higher due to holiday shopping. The Federal Reserve Bank of New York reported that at the end of last year, credit-card balances hit $986 billion.
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