Debts are climbing for Americans amid soaring cost-of-living and borrowing costs. Americans loaded an extra $46 billion on their credit cards during the second quarter and their balances saw the sharpest increase in more than 20 years.
In a sign of the continuing toll from decades-high inflation, Americans loaded an extra $46 billion on their credit cards during the second quarter and their balances saw the sharpest increase in more than 20 years, according to the Federal Reserve Bank of New York.
Overall, Americans added $312 billion in mortgage and non-mortgage debt during the second quarter — an increase that New York Fed researchers called “pretty sizable.” In fact, it’s the largest nominal increase since 2016, a New York Fed statement noted. “While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels,” Scally added.
Overall, though the amount of now-delinquent debt “increased modestly for all debt types” it was still “historically very low,” according to a New York Fed announcement.The New York Fed report looks at the interest-rate-sensitive debts Americans are carrying at a time when the Federal Reserve keeps increasing a key benchmark interest rate that influences other rates borrowers pay.
The higher APRs are bad news for people carrying debts month to month, because those debts are becoming more expensive.
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