"Rising Student Loan Payments Fuel Surge in Credit Card Delinquencies"
TL;DR
The Federal Reserve Bank of New York reports a rise in credit card delinquencies, potentially linked to the resumption of student loan payments and financial strain from high inflation and interest rates. Delinquencies have increased among younger and lower-income households, with the average monthly student loan payment ranging from $200 to $299 per person. The resumption of student loan payments, combined with elevated living costs, is expected to deliver a financial shock to millions of Americans, as efforts to erase student loan debt have faced setbacks.
Topics:businessfinance#credit-card-delinquencies#federal-reserve-bank-of-new-york#finance#financial-stress#pandemic-stimulus#student-loans
- Student loan payments may be to blame for a spike in credit card delinquencies Fox Business
- Average credit card balances jump 10% to a record $6,360, and more consumers fall behind on payments CNBC
- Our Drunken Sailors’ Credit Card Balances, Burden, Delinquencies, and Available Credit WOLF STREET
- US household debt exceeds $17.5 trillion as credit card delinquency soars WEAR
- Credit bubble has formed in US economy as debt mounts amid 'YOLO' spending Business Insider
Want the full story? Read the original reporting
Read on Fox Business