US Consumers Struggle with Credit Card Debt and Access to Credit
TL;DR
US banks, including Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup, have reported that consumers are starting to fall behind on their credit card and loan payments as the economy softens, although delinquency levels are still modest. While profits have beaten analyst forecasts, industry chiefs warn that the strength will tail off this year as a recession looms and customer delinquencies climb. As large and medium-sized lenders become more conservative in underwriting, their net charge offs will probably peak in several quarters, leading to slower loan growth in 2023 and 2024.
- More US consumers are falling behind on payments Reuters
- Americans Keep Spending Big on Credit Cards The Wall Street Journal
- As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs Consumer Financial Protection Bureau
- Fed Data Shows Consumers Are Struggling to Get Access to Credit. Here's How to Improve Your Chances The Motley Fool
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