Fed Credit Data Points Toward Consumer Demand for Installments

Consumers are still leaning heavily on credit cards, but the latest Federal Reserve household debt data suggests a growing number may soon be looking for ways to turn revolving balances into more manageable monthly payments. The latest New York Fed Household Debt and Credit Report, from Tuesday (May 12), showed household debt reached $18.8 trillion in the first quarter, up 3.2% year over year. Credit card balances rose 5.9% to $1.25 trillion, maintaining the same pace seen over the past several