Credit card balances rose year over year, reaching
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Posted On: 05/30/2022 12:26:03 PM
Re: wowhappens28 #84013
Credit card balances rose year over year, reaching $841 billion in the first three months of 2022, according to data released Tuesday from the Federal Reserve Bank of New York.
Although balances fell slightly from where they stood at the end of 2021 following the peak holiday shopping season, they are expected to keep going up from here, according to researchers at the New York Fed.
“There’s a good chance that Americans’ total credit card balances will soon reach a new record high, marking a sharp reversal from the precipitous drop that occurred in 2020 and early 2021,” said Ted Rossman, a senior industry analyst at CreditCards.com.
https://www.cnbc.com/2022/05/10/consumer-cred...-high.html
Although balances fell slightly from where they stood at the end of 2021 following the peak holiday shopping season, they are expected to keep going up from here, according to researchers at the New York Fed.
“There’s a good chance that Americans’ total credit card balances will soon reach a new record high, marking a sharp reversal from the precipitous drop that occurred in 2020 and early 2021,” said Ted Rossman, a senior industry analyst at CreditCards.com.
https://www.cnbc.com/2022/05/10/consumer-cred...-high.html
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