Credit Card, Household Debt Top $1T
Credit card balances increased to $1.03 trillion in the second quarter of 2023, according to the latest report by the Federal Reserve Bank of New York. That marked a $45 billion spike from the previous quarter. Credit card debt’s historic rise also represented the largest increase among all debt types analyzed by the NY Fed. In addition, household debt is at $17.03 trillion in the second quarter of 2023, a $16 billion increase from the previous quarter.
Source: Javier Simon, “Credit card debt surpasses $1 trillion for Americans: NY Fed,” Fox Business, August 10, 2023
Gas Prices in NYS Are Rising
Gas prices in New York State are at $3.875 a gallon, up 1.2 cents per gallon from last week and 23.8 cents from last month. It is also above the national average of $3.813.
Source: “Fuel Insights,” Gasbuddy.com, August 10, 2023
NYC’s Costs to Bring in Asylum-Seekers Set to Soar
The cost of New York City housing and caring for migrants is expected to reach up to $12 billion by June 2025, with annual costs expected to reach $6.1 billion, up from $2.8 billion this year.
Source: Arya Sundaram, “NYC’s soaring costs for asylum-seekers now projected to top $12 billion by June 2025”, Gothamist, August 9, 2023
MTA Workers Cashing in On Overtime
Eight MTA employees have collected $200,000 in overtime, and 566 employees collected more than $100,000 in overtime. In all, more than 1,100 MTA employees doubled their annual salaries with overtime pay. Last year, OT costs at the MTA hit $1.3 billion, up from $1.1 billion the previous year.
Source: “8 MTA Workers Got $200K in Overtime as Total OT Neared Record High”, Empire Center, July 27, 2023