Credit card balances hit record high, New York Fed finds
Credit card debt climbed to a record $1.29 trillion, while total household debt rose $334 billion, or 1.8%, to $19.1 trillion in the third quarter. Home equity line balances also posted their biggest jump since 2005.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
The Federal Reserve Bank of New York reported that credit card debt rose to a record $1.29 trillion. Total household debt grew by $334 billion, or 1.8%, in the third quarter, to $19.1 trillion. Home equity line of credit balances also posted their biggest jump since 2005, marking the 18th straight quarterly increase.
Why it matters
The rising debt load shows households borrowing more on credit cards and home equity lines.
Coverage
- Homeowners tap equity as HELOC balances post biggest jump since 2005: New York Fed report (CNBC)
- New York Fed: Total household debt reached $19.1T in Q3 (bankingjournal.aba.com)
- Credit card debt climbs to a record $1.29 trillion, New York Fed research finds (CNBC)
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