Key Points
NEW YORK, Nov 7 (Reuters) - U.S. total household debt levels rose in the third quarter amid strong growth in credit card borrowings fueled by a hot economy, although there were mounting signs some borrowers are facing increased challenges managing the money they've borrowed, a report from the Federal Reserve Bank of New York released on Tuesday said...
In its quarterly report, the bank said overall debt levels increased by 1.3% during the third quarter to a level of $17.29 trillion..
And in that rise, credit card borrowing levels rose by 4.7% to $1.08 trillion, with the bank noting that over the last year there's been a $154 billion increase in these types of balances, the largest since the New York Fed began tracking such data in 1999...
Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth, Donghoon Lee, a New York Fed economist, said in a press release accompanying the report...
In comments made on Monday, Fed governor Lisa Cook said she wasn't worried about debt issues on the household level, while noting "of course, we are seeing emerging signs of stress for households with lower credit scores, and individual borrowers may struggle with debt burdens in the face of economic hardships."..
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