The Federal Reserve Bank of New York reported credit card balances surged 15% year-over-year in the third quarter, the highest jump in over two decades.
still hovering around 8% after reaching a four-decade high in the summer, the increase in credit card balances across the board "is perhaps unsurprising," the New York Fed said in a blog post accompanying release of the findings.
"Notably, credit card balances have grown at nearly double that rate since last year," the blog post said. "The real test, of course, will be to follow whether these borrowers will be able to continue to make the payments on their credit cards."Delinquency rates remain historically low — as they have during the past two years when pandemic-era stimulus helped keep them at bay — but now appear on the uptick.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Stocks Drop After Last Week’s Big RallyU.S. stocks slipped and government-bond yields rose Monday as investors digested new comments from Fed officials
Read more »
Fed may cut size of rate increases, but is not 'softening' inflation fight, Waller saysThe U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a 'softening' in its commitment to lower inflation, Federal Reserve Gov. Christopher Waller said on Sunday.
Read more »
Starbucks Reserve to open new location at Empire State Building this week | amNewYorkA brand new Starbucks Reserve store is opening to the public at the Empire State Building on Wednesday morning.
Read more »
Eagles place Avonte Maddox on injured reserve, leaving a hole at slot cornerbackMaddox was already listed as out for Washington, but he will miss at least three more games with a hamstring strain.
Read more »
Let’s Actually Commit to Proofs of Reserve This Time, Okay?'Proofs of Reserve' combine the innate transparency of blockchains with the convenience of centralized custodians. Following FTX, we should require the idea as an industry standard, says nic__carter. Opinion.
Read more »
Rams place Cooper Kupp on injured reserve with high ankle sprainThe Los Angeles Rams will be without star wideout Cooper Kupp for at least four weeks after the team placed him on injured reserve, head coach Sean McVay confirmed Tuesday. Kupp will also have surgery to fix the high ankle sprain he suffered in the Rams' Week 10 loss to the Arizona Cardinals.
Read more »