Credit card delinquency rates are rising, too. Other types debt, including auto loan balances, grew too, hitting $1.61 trillion. Only student loan balances were mostly flat, increasing by $2 billion and standing at $1.6 trillion. —With reporting by the Associated Press. More from CBS News...
As Americans grapple with high inflation and record debt, many have fallen behind on credit card payments. In fact, 5.08% of credit card balances fell into serious delinquency or were at least 90 days past due in the second quarter of 2023,according to datafrom the Federal Reserve Bank of ...
"One reason why Chula Vista’s delinquency rate is increasing so much is that its residents are simply borrowing more," the report said. "Residents of Chula Vista added the sixth-most credit card debt over the past year, along with the second-highest overall balance. Consequently, many ...
Banks tighten standards for loans; Credit cards: Consumer delinquency rates rising with the slowing economyASSOCIATED PRESS
If your credit card accounts are delinquent, it's important to try and tackle what you owe now — before the issue compounds. Getty Images Recent signs, including an uptick in maxed-out credit card accounts and rising delinquency rates among cardholders, ha...
Credit card delinquency ratesare already higher across the board, the Federal Reserve Bank of New York and TransUnion both reported. “Consumers have been measured in taking on additional revolving debt despite the inflationary environment over the past few years, although there has be...
Now, let me get this straight. Prime Rate just dropped, and credit card interest rates are rising. Financial Timesreports: U.S. consumers are paying higher interest rates on their credit card balances than they have in a quarter-century, and the Federal Reserve rate cuts are no guarantee th...
According to the New York Fed, “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels. This signals increased financial stress, especially among younger and lower-income households.” A big factor in the increasing debt is the interest rates c...
Credit card delinquency rates also jumped— particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. “This signals increased financial stress, especially among younger and lower-income households,” said Wil...
As per the Federal Reserve Board, credit card delinquency rates have been rising gradually and will reach 3.1% by the end of 2023, the highest level since 2011. Additionally, charge-offs rose in Q2 2024 from 4.16% to 4.38%, a record high of 12.5 years that hasn...