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Bloomberg News: Credit Card Delinquency Rates Climb to Decade High in Fed Study

January 12, 2024
Recession, Dollar Crash, Buy Gold

Article by Alexandre Tanzi in Bloomberg News

Credit-card delinquency rates have exceeded pre-pandemic levels, while the share of borrowers making only the minimum payment climbed above 10% for the first time since 2019, according to a Federal Reserve Bank of Philadelphia report.

Almost 3.2% of card balances were at least 30 days past due as of the end of September, the Philadelphia Fed said. That’s the highest figure in more than a decade, and up by over 40 basis points from the previous quarter. The share of debts that are 60 and 90 days late also jumped.

Responding to the signs of “greater consumer fragility,” banks are granting fewer credit-line increases and reducing ......

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