US credit card debt passes $1 trillion for the first time
NY Fed says credit is stabilising at pre-pandemic levels despite historic figure
Credit card debt in the US surpassed $1 trillion for the first time in history, the Federal Reserve Bank of New York reported on August 8. Total household debt increased by $16 billion in the quarter, totalling around $17 trillion.
For seven quarters, credit card balances in the US have grown year on year. “The second quarter of 2023 saw a brisk 16.2% increase from the previous year, continuing this strong trend,” said the New York Fed.
Delinquency rates in the quarter remained both low and
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