"Credit Card Delinquencies Reach Decade High as Consumer Debt Surpasses $5 Trillion"
TL;DR
A study by the Federal Reserve Bank of Philadelphia has revealed that credit card delinquency rates have surged to their highest level in over a decade, surpassing pre-pandemic levels. The report indicates that almost 3.2% of card balances were at least 30 days past due as of the end of September, with the share of borrowers making only the minimum payment exceeding 10% for the first time since 2019. Additionally, the share of debts that are 60 and 90 days late has also seen a significant increase.
Topics:businessfinance#credit-card#debt#delinquency-rates#federal-reserve-bank#finance#philadelphia-fed
- Credit Card Delinquency Rates Climb to Decade High in Fed Study Bloomberg
- Credit card delinquencies surpass pre-pandemic levels CNN
- Charge it: Consumer debt just passed the $5 trillion mark Deseret News
- Credit Card Delinquencies Near Highest Level Since 2012 PYMNTS.com
- Consumer Credit Hits Record $5 Trillion, Credit Card Rates Also Record High Mish Talk
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