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Credit-card debt failed to decline in first quarter — for first time in over 20 years, New York Fed says

Por: MarketWatch Business May 16, 2023

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The first quarter, however, is usually marked by falling credit-card debt as consumers pay that off. But that wasn’t the case in 2023: Credit-card balances held firm at $986 billion, the New York Fed said Monday. It was the first time levels of credit-card debt had failed to fall between the fourth and first quarters in more than 20 years, New York Fed researchers said.   At the same time, credit-card interest rates are also on the rise,... + full article



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