"Rising Student Loan Payments Fuel Surge in Credit Card Delinquencies"
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.
