Americans' Credit Scores Decline for First Time in 10 Years Amid Rising Debt and Missed Payments

• Americans' average credit scores have fallen for the first time in a decade, dipping to 717 in October from 718 in July • This drop is attributed to more people missing payments and rising debt levels as interest rates and inflation take a toll • Credit card delinquencies are now above pre-pandemic levels, signaling financial stress for some households • Banks have had to write off more credit card debt as uncollectible, with net charge-off rates at their highest since 2012 • Still, the overall financial picture remains positive for most due to low unemployment, rising incomes, and strong household balance sheets