still hovering around 8% after reaching a four-decade high in the summer, the increase in credit card balances across the board "is perhaps unsurprising," the New York Fed said in a blog post accompanying release of the findings.
"Notably, credit card balances have grown at nearly double that rate since last year," the blog post said. "The real test, of course, will be to follow whether these borrowers will be able to continue to make the payments on their credit cards."Delinquency rates remain historically low — as they have during the past two years when pandemic-era stimulus helped keep them at bay — but now appear on the uptick.
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