New data indicate that Americans’ credit‑card balances are climbing, with the Federal Reserve Bank of New York reporting a $22 billion rise in the third quarter—a 1.7 percent increase over the prior quarter. The growth comes as some Democratic lawmakers advocate for caps on interest rates. Meanwhile, total credit‑card debt for the year has reached its highest level so far. The report highlights the tension between rising consumer borrowing and calls for regulatory action.
New data shows Americans’ credit card balances are mounting, as some Democratic lawmakers push for capping interest rates. Credit card balances increased by $22 billion in the third quarter, an increase of 1.7 percent relative to the second quarter, the Federal Reserve Bank of New York reported Tuesday. Credit card debt for this year topped...
