US consumer borrowing increased by $14.1bn in Feb, driven by credit card balances, with credit card interest rates rising to 22.63%.
US consumer borrowing increased by $14.1 billion in February, driven by a rise in credit card balances. Total credit rose, with revolving credit (credit cards) increasing by $11.3 billion and non-revolving credit (vehicle and education loans) growing by $2.9 billion. The Federal Reserve's report shows that credit card interest rates have risen to 22.63%, up from less than 17% before the pandemic.
April 05, 2024
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