• Credit card balances increased to $1.03 trillion in the second quarter of 2023, according to the latest report by the Federal Reserve Bank of New York. That marked a $45 billion spike from the previous quarter. Credit card debt’s historic rise also represented the largest increase among all debt types analyzed by the NY Fed.
• “Compared to other debt categories this quarter, credit card balances saw the most pronounced worsening in performance, following a period of extraordinarily low delinquency rates during the pandemic,” The NY Fed said in its report.
• And as credit card debt rose for many Americans, so did their transitioning into credit card payment delinquency.

Tagged: Economy