U.S. credit-card bills jumped sharply last quarter as Americans returned to pre-pandemic spending habits.
Credit-card balances increased every quarter in 2021 to end the year at $856 billion, the Federal Reserve Bank of New York said Tuesday. The fourth-quarter gain was the largest in figures dating back 22 years, and while the total amount is still below pre-Covid levels, the gap is closing rapidly.
New mortgages reached a historic high last year and auto loans soared, reflecting steep price increases in homes and cars, the regional Fed also said in its quarterly report on household credit and debt.
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