The reports underscore how more Americans have turned to their revolving credit over the past year, but have so far largely managed the increased debt load, especially as banks pull back on lending to riskier borrowers.
The number of credit card accounts grew by 5.48 million to 578.35 million in the quarter, while the aggregate credit limit increased by $9 billion to $4.6 trillion, the study found.
"Credit card balances saw brisk growth in the second quarter," said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. "And while delinquency rates have edged up, they appear to have normalized to pre-pandemic levels."Younger generations were more likely to experience delinquency during the second quarter, NY Fed researchers found.
According to the New York Federal Reserve, credit card debt balances surpassed $1 trillion in the second quarter of 2023, a first.
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