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."
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