Fox Business: Delinquencies Are Rising for Credit Card, Auto Loans - And it Could Soon Get Worse
Article by Megan Henney in Fox Business
A growing number of Americans are falling behind on their monthly credit card and car loan payments, a trend that may be a harbinger of economic troubles ahead, according to a new report from Moody's Analytics.
Findings published by Moody's indicate that household debt balances jumped to $17.29 trillion in the three-month period from July to September, up 1.3% from the previous quarter. That also marks an increase of $3.1 trillion since the last quarter of 2019, before the COVID-19 pandemic began.
"Consumers are left with a dilemma: they can curb their spending habits or plunge further into debt," the report said. "The rate of non-residential consumer loan delinquencies will .....