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Source: Federal Reserve Bank of NY

Consumers racking up record credit card debt

Dec. 12. Consumers started 2022 by paying down just $12.5 billion in new debt in the first quarter, adding a staggering $67.2 billion in new debt during the second quarter, a Q2 record, followed by an additional $39.6 billion in the third, a Q3 record. Mortgage balances—the largest component of household debt—climbed by $282 billion […]