Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says

Credit card, mortgage, and auto loan balances continued to increase in the third quarter of 2022 reflecting a combination of robust consumer demand and higher prices, said Donghoon Lee, economic research advisor at the New York Fed. However, new mortgage originations have slowed to pre-pandemic levels amid rising interest rates.

New York Fed researchers attributed the credit card growth to very robust consumption, rising prices and consumers using substantial levels of savings that remain on accounts.

Along with the rise in balances has come an increase in delinquencies.

via www.cnbc.com

Presumably this is the last hurrah of the stimmy checks? Zoomers and young millennials are not going to be happy when this runs out. But perhaps in 2024 there will be a new administration which promises them more.