Credit Card Delinquencies Hit 10-Year High as Rates Rise, Limits Tighten
• Credit card delinquencies (30, 60, and 90 days past due) rose to highest levels since 2012 in Q3 2022, surpassing pre-pandemic levels
• 2.21% of credit card balances were 60 days late, up from 1.93% in Q3 2019
• 3.19% of balances were 30 days late; 1.52% were 90+ days delinquent
• Banks granting fewer credit line increases and reducing limits more often
• Average credit card APR hit record 20.72% in November 2022, exacerbating debt burdens