Connect with us

Hi, what are you looking for?

US News

Credit Card Debt Rises To Record $1.08 Trillion

via Pixabay License
This article was originally published at Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

The Federal Reserve Bank of New York reported that household debt rose to $17.3 trillion in the third quarter, with notable increases in credit card, student loan, and mortgage debt.

Credit card balances rose by $48 billion to $1.08 trillion, and loan delinquencies increased for most debt types, except for student loans.

The rise in credit card delinquency rates was especially pronounced among millennials and those with auto or student loans. (Trending: Donald Trump Loses His Cool At High-Stakes $250 Million Trial)

“Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” stated Donghoon Lee, Economic Research Advisor.

“The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans.”

Additionally, federal student loan payments will not be reported to credit bureaus until the fourth quarter of next year, resulting in low reported delinquency rates until then.

Most Popular:

Donald Trump Cannot Hide His Wrongdoings Behind Taunts And Threats

Court Smacks Down Ivanka Trump’s ‘Undue Hardship’ Claim

Miss Israel Exposes Oppression in Gaza

You May Also Like