Young borrowers struggling with debt – New York Fed
The Federal Reserve Bank of New York warned young Americans are struggling to repay credit card debt and auto loans.
“Total debt balances grew by $394 billion in the fourth quarter of 2022, the largest nominal quarterly increase in 20 years,” said a group of New York Fed economists in a blogpost. Mortgage balances were the largest component, rising $254 billion. Credit card balances increased by $61 billion.
The NY Fed found the rise in credit was the largest in the history of the data, which
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