For the second quarter of 2022, Americans’ credit card debt rose 13 percent from the same period last year to $887 billion, according to the Federal Reserve Bank of New York. Households saw a 2 percent increase in total household debt in the second quarter of 2022, increasing by $312 billion to $16.15 trillion, the New York Fed said.

Mortgage balances rose by $207 billion in the second quarter and stood at $11.39 trillion at the end of June.

In the third quarter of 2022, more consumers turned to unsecured personal loans and credit cards as a way to help stave off the financial pressures brought on by inflation, according to the Quarterly Credit Industry Insights Report by TransUnion, a consumer credit reporting agency.

Credit card balances are showing no signs of depreciation, as TransUnion’s data shows that bank card balances were at around $866 billion in the third quarter, showing a 19 percent increase from the same period in 2021.

The report found that this increase was heavily driven by borrowing growth among Generation Z and millennials, whose balances grew by 72 percent and 32 percent, respectively. Unsecured personal loans have shown record growth in originations and balances in recent quarters.

TransUnion also said that the number of borrowers falling below the current prime risk tiers, along with a general deterioration in consumers’ financial health as a result of high inflation, has led to an increase in delinquencies, which have now surpassed pre-pandemic levels.

“Consumers are being pressured on multiple fronts, first by this environment of high inflation and secondarily by the higher interest rates that the Federal Reserve is implementing to tamp it down,” Michele Raneri, vice president of U.S. research at TransUnion, told Newsweek.

She continued, “However, as long as employment numbers remain strong, there should continue to be a steady flow of customers seeking access to new credit products, credit cards and personal loans in particular and, concurrently, an ample supply of lenders willing to offer credit to them.”

“Delinquencies remain in line with historical levels for most credit products. However, levels have been rising over the past year, particularly among subprime consumer segments, and should be monitored in the coming months to look for similar increases in other credit risk tiers,” Raneri said.

The number of credit cards owned by Americans hit 510.9 million in the third quarter of 2022, compared with 474.2 million in the same period in 2021.

The average debt per borrower also rose, from $4,857 in the third quarter of 2021 to $5,474 for the same period in 2022.

Data from mortgage brokers and debt specialists at LendingTree shows that credit cardholders in New Jersey have the highest average credit card debt in the country, an average of $7,872 per borrower in 2021. Kentucky was the state with the least debt per borrower, at $5,441.

A survey conducted by Inside 1031 found that 55 percent of Americans carry their credit card balance from month to month, meaning a majority are unable to fully pay down their debts each month.

The Federal Reserve’s G.19 consumer credit report showed that the average annual percentage rate for all current credit card accounts had increased in the third quarter of 2022. For all credit cards, the average APR in the third quarter of 2022 was 16.27 percent, up from 15.13 percent in the second quarter.

The average interest for all card accounts was said to be the highest since tracking began in 1994, the Fed said.