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Daniel Foster
"A number of participants drew attention to signs that household finances, especially those in the low- and middle-income categories, are increasingly under pressure, which is seen as a risk of worsening prospects in consumption levels," the document reads.
The Fed noted rising credit card balances and credit extension services used for purchases, together with rising consumer loan delinquencies.
The Federal Reserve Bank of New York announced at the beginning of February that household debt in the United States at the end of 2023 had hit a new all-time high of $17.5 trillion.
Concurrently, debt related to credit cards increased by $50 billion to $1.13 trillion, mortgages increased by $112 billion to $12.25 trillion, and debt related to vehicle loans grew by $12 billion to $1.61 trillion.
source: cnn.com
The Fed noted rising credit card balances and credit extension services used for purchases, together with rising consumer loan delinquencies.
The Federal Reserve Bank of New York announced at the beginning of February that household debt in the United States at the end of 2023 had hit a new all-time high of $17.5 trillion.
Concurrently, debt related to credit cards increased by $50 billion to $1.13 trillion, mortgages increased by $112 billion to $12.25 trillion, and debt related to vehicle loans grew by $12 billion to $1.61 trillion.
source: cnn.com
