US credit card debt surpasses $1 trillion for the first time even as overall household debt loads were largely unchanged, New York Federal Reserve Bank says
Researchers said that credit card balances rose by $45 billion to $1.03 trillion in the second quarter of 2023, the regional Fed bank said in its latest quarterly household debt and credit report, reflecting robust consumer spending and higher prices due to inflation.
Meanwhile, the data showed that credit card delinquencies are at an 11-year high, as measured using a four-quarter average. Though rising balances will challenge some borrowers, and student loan borrowers may be squeezed as student loan repayments resume this fall, they wrote,"household credit shows some early signs of stabilising at pre-pandemic health, albeit with higher nominal balances."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rangers continue to revamp coaching staffThe New York Rangers continue to add unique new pieces to Peter Laviolette’s coaching staff.
Read more »
'Renowned' New York City doctor shoots baby, turns gun on herself in horrific murder-suicide: PoliceA New York City oncologist, Krystal Cascetta, allegedly shot her infant to death before turning the gun on herself in a murder-suicide, according to the New York State Police.
Read more »
How the Allman Brothers made Jimmy Carter president, according to new rock historyAlan Paul's 'Brothers and Sisters: The Allman Brothers Band and the Inside Story of the Album that Defined the ’70s' tells the story of a great comeback album. Jann Wenner didn’t like his biography. So he wrote a memoir Jann Wenner, boomer impresario of rock and magazines, talks up his legacy and his friendships on the publication of his memoir, ‘Like a Rolling Stone.’ Gregg Allman showed up late, after everyone had left
Read more »
Americans' credit card debt hits a record $1 trillionAmericans' credit card debt levels have surpassed $1 trillion for the first time ever, according to data released by the Federal Reserve Bank of New York. During the second quarter, credit card balances increased by $45 billion, contributing to a 1% rise in overall household debt levels.
Read more »
The Real Housewives of New York City Recap: Brynn Is GivingIt looks like we have a new villain in our midsts.
Read more »