Credit-card balances saw their biggest annual increase in more than 20 years in the third quarter, rising 15% from a year ago to reach $930 billion as Americans tried to manage a higher cost of living, according to data from the Federal Reserve Bank of New York released Tuesday.
Total household debt also notched its largest nominal quarterly jump since 2007, rising by $351 billion thanks in part to a $282 billion hike in mortgage balances in the third quarter, the New York Fed said in its latest quarterly report on household debt and credit. Credit-card debt also contributed plenty, due to the $38 billion increase in balances from the quarter prior, the report added.
To that end, delinquency rates have also begun to rise, but remain low compared to historical trends, Fed researchers said. But those benefits have long since ended: the last stimulus check went out in March 2021, extra unemployment benefits withered in September 2021, and the enhanced tax credit that provided parents with up to $300 a month per child each month ran out that December.
If people would realize they really don't need most of the crap made in Xi's China...
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