- The Federal Reserve Bank of New York made the announcement on Tuesday.
- Mortgage balances rose by $156 billion from the fourth quarter to $9.71 trillion.
- Credit card balances and other types of debt declined by $39 billion.
- Access to credit overall tightened slightly during the quarter.
- The numbers may be understating the problem. The Feds said, “It is critical to note that the latest report reflects a time when many of the economic effects of the COVID-19 pandemic were only starting to be felt.”