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Reuters
NY Fed: Consumer debt surges in third quarter on strong demand, high inflation
Americans continued to take on debt during the fourth quarter amid a surge in credit card borrowing, even as they backed away from new mortgages in a rapidly rising interest rate environment, the Federal Reserve Bank of New York said Tuesday. “Credit card, mortgage, and auto loan balances continued to increase in the third quarter of 2022 reflecting a combination of robust consumer demand and higher prices,” said Donghoon Lee, a New York Fed research advisor, in a press release. “However, new mortgage originations have slowed to pre-pandemic levels amid rising interest rates.”
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