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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts

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To: Lee Lichterman III who wrote (73879)	11/15/2022 6:06:05 PM
From: The Ox	3 Recommendations Recommended By ajtj99 skier31 towerdog Read Replies (1) of 97758

https://finance.yahoo.com/news/credit-card-debt-222049660.html Credit card balances surged from July to September as Americans continued to sink deeper in debt amid rampant inflation, the Federal Reserve Bank of New York said Tuesday. Credit card balances increased $38 billion in the third quarter to $925 billion, the New York Fed found, with balances racing closer to pre-pandemic levels of $930 billion in the fourth quarter of 2019. Year over year, credit debt grew by 15%, the largest jump in more than 20 years. The figures underscore Americans' growing dependence on credit cards even as recent Fed rate hikes push interest rates to record highs, placing a heavier burden especially on lower-income households and younger adults. “New purchases adding to the credit card balance reflect robust demand amid higher prices of goods and services,” a group of New York Fed researchers said in a blog post. “The Consumer Credit Panel sheds light on the more rapidly increasing debt burdens and delinquency of younger and less wealthy card holders, and may suggest disparate impacts of inflation.”

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