Credit Card Delinquencies Surpass Pre-Pandemic Levels As Younger Borrowers Struggle to Pay
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Credit card delinquency rates dropped during pandemic, but have now exceeded pre-pandemic levels.
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2% of credit card borrowers missed a payment in Q3 2022, up from 1.2% in Q3 2021.
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Younger consumers more likely to miss payments than Baby Boomers.
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Delinquency rates back to pre-pandemic levels or higher for all age groups.
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Causes of rising delinquencies unclear - could be overextension or economic distress.