Credit card debt took a nosedive in the early days of the pandemic. Two years later, it’s back.
Credit card debt took a nosedive in the early days of the pandemic in 2020 as consumers stayed home, lost work and received cash infusions from the government.Credit card debt increased 15% year over year — the largest one-year increase in more than two decades, according to the Federal Reserve Bank of New York’s quarterly report on household debt and credit released today. Its total of $930 billion is near pre-pandemic levels.
People are also reading… Credit card debt has been rising all year, according to the New York Fed, and its researchers chalk up the increases to a few possibilities: Debt is up, but delinquencies are downDebt is higher than pre-pandemic levels, according to the New York Fed’s report. It increased by $351 billion, or 2.2%, in the third quarter of 2022 and now sits $2.36 trillion higher than at the end of 2019.
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