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Total credit-card balances increased by $46 billion to $930 billion, well above the previous peak seen before the 2008 financial crisis, according to data released by the Federal Reserve Bank of New York on Tuesday.Some cardholders, particularly younger ones, are running into trouble.
“There are increases in the credit-card-delinquency rate that make you wonder whether some parts of the population are not doing as well, or whether this is just a result of more relaxed lending standards,” Wilbert van der Klaauw, senior vice president at the New York Fed, said in an interview. “It’s something we are looking into.” The fourth-quarter gain was substantial even accounting for the typical holiday-season increases, Fed economists said. Reclassifying debts on some retail store cards as credit-card debts, rather than non-credit card consumer debt, explains some of the increase, they said.
https://www.wsj.com/articles/credit-card-debt-in-u-s-rises-to-record-930-billion-11581442140
