Posted 1/12/2024, 3:29:00 PM
Credit Card Delinquencies Reach 10-Year High as Americans Struggle with Debt
- Delinquency rates on US credit cards are at highest level since 2012, with 3.2% of balances at least 30 days past due
- Reflects greater financial fragility among US consumers as government pandemic support dwindles
- More Americans struggling to pay off credit card balances on time compared to pre-pandemic
- Banks responding by reducing credit line increases and cutting back lines of credit
- 29.6% of Americans in major metros behind on at least one debt payment between July-September 2023