Credit card balances spiked in the third quarter to a $1.08 trillion record. Here’s how we got here

Posted on AllSides November 7th, 2023
From The Center
Olga Rolenko | Moment | Getty Images

Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.

Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found.

“Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” said Donghoon Lee, the New York Fed’s economic research advisor.

Read full story
Some content from this outlet may be limited or behind a paywall.

AllSides Picks

https://www.cnbc.com/2023/11/07/credit-card-balances-jump-to-1point08-trillion-record-how-we-got-here.html

More News about Banking and Finance from the Left, Center and Right

From the Left

From the Center

From the Right