Credit card
Credit Card Credit card delinquencies are surging Credit card delinquencies are rising in sign of 'worsening financial distress' According to New York Federal Reserve data released on Tuesday, an increasing percentage of Americans are falling behind on their monthly credit card payments as they struggle with high interest rates and inflation. Over the three months from January to March, credit card delinquencies—which have already surpassed their pre-pandemic levels—kept rising. In the first quarter of 2023, the annualised rate of credit card debt that progressed into delinquent was 8.9%, up from 8.5% in the previous quarter and 5.87% at the end of 2023. As a matter of fact, the proportion of seriously delinquent credit card balances reached its highest point since 2012. According to the most recent NY Fed survey, Americans anticipate continued high inflation. Credit card and vehicle loan transition rates into significant delinquent continued to grow in the first quarter o
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