Credit card balances grow $48 billion in the third quarter: NY Fed

Americans now owe $1.08 trillion on their credit cards after racking up a collective $48 billion in new spending during the third quarter of 2023, according to a recent report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the most significant increase since 1999, according to…