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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
Credit Card Balances See Strongest Growth In 20 Years
- Household debt in Q3 saw the largest nominal quarterly increase since 2007, in part as credit card balances increased $38B on the quarter for a 15% Y/Y rise, the largest in more than twenty years - NY Fed.
- The NY Fed’s CCP based on Equifax credit reports show growing reliance on card spending by lower income groups but delinquency rates remain low:
- New purchase adding to credit card balances reflect robust demand amid higher prices of goods and services.
- The increases in balances have been across age ranges although the 18-29 cohort leads the way with above pre-pandemic balances.
- Those on lower incomes are more likely to have pushed credit card balances above pre-pandemic levels
- Delinquency rates have started to pick up in all income groups bar the richest quartile but remain historically low - we noted a similar trend in broader delinquencies yesterday here
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