Credit Card and Mortgage Delinquencies Rise as Inflation Strains Consumers
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Early-stage delinquencies (under 2 months past due) rose sharply in September to 0.91% of outstanding balances, up from 0.84% in August.
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Average credit scores remained steady at 701 in September, but subprime and near-prime borrowers are driving the delinquency increases.
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Credit card and mortgage delinquencies rose in September, while auto and personal loan delinquencies fell.
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Holiday shopping season could exacerbate delinquencies if consumers accumulate more debt they can't repay.
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Delinquencies overall remain below pre-pandemic levels but are climbing again as inflation and rates rise.