Americans Falling Behind on Debt Payments as Savings Dwindle, Rates Rise

Americans are struggling to keep up with debt payments as savings dwindle and interest rates rise. Credit card, auto loan, and mortgage delinquencies are increasing.

Credit card debt has surpassed $1 trillion, with balances 18% higher than last year. Sixty-day delinquencies on cards are also rising.

Mortgage debt flowing into 90-day delinquency rose in Q2 2022 compared to Q2 2021. Delinquencies across all debt types have increased.

Research suggests pandemic savings accumulated by households have been largely depleted, coinciding with increased credit use and missed payments.

Despite positive economic metrics, only 36% approve of Biden's economic stewardship. The administration touts investment initiatives aimed at minority communities.