Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday.
And it still leaves consumers with record levels of credit card debt.
Of that, credit card balances grew by $212 billion to $1.13 trillion, while mortgage balances rose by $112 billion to $12.25 trillion.
“Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed.
Average card balances rose by 10% from a year ago to $6,360, a record.
Persons:
”, Wilbert van der, TransUnion, Michele Raneri, Scott Haymore, “ Deleveraging, Wells Fargo
Organizations:
Federal, Federal Reserve Bank of New, Auto, New York Fed, millennials, TransUnion, TD Bank
Locations:
Federal Reserve Bank of New York, Wells Fargo