Posted on 05/15/2024 8:01:43 AM PDT by ChicagoConservative27
Credit card delinquencies are on the rise, as research from the New York Federal Reserve shows nearly a fifth of borrowers are “maxed-out.”
According the new report, issued by the bank’s Center for Microeconomic Data, household debt rose by 1.1 percent, or $184 billion, in the first quarter of the year, bringing the total to $17.69 trillion.
“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the household and public policy research division at the bank, said in a statement.
“An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households,” Scally added.
(Excerpt) Read more at thehill.com ...
Oh yeah, you know that’s coming.
Economy is doing just fine.
But hey we have the “greatest economy in the WorrlD—the WORRLD!”
Oh yeah, you know that’s coming.
~~~
Of course. Biden can just sign an executive order to forgive everyones credit card debt.
Don’t you for get though kids. Trump is a fascist. Biden is a kind and wise old grandfatherly type.
High interest rates are painful to every segment of the economy.
My lowest interest rate card was 7.9% for the last 20 years, now it is 11.9%
I have looked at rates for new cards today and it is basically 19.99% - 29.99% (Variable) across the board
I do consider that to be Usury, but I guess it is not considered so in Delaware.
if the delinquent 20% were to file bankruptcy, it would still not hurt the banks because they would just write it off on their taxes and they would still unethically be making huge profits.
F them
Do like Congress and just vote to raise your credit limit.
Walla, no more “maxed out”.
Folks on fixed incomes (talking middle class here) are truly suffering under sky-high inflation during Mister Biden's term.
You see it in grocery stores where retired folks are anguishing over small purchases, whereas they were at a comfortable financial equilibrium just 3 years ago.
Isn’t this what the people voted for? why the big fuss, they got what they wanted...
Credit cards interest rates are high because it is unsecured debt. If you want a 8% rate for an extended loan, use a Heloc.
Or diaper pants will state how people are spending because the economy is the best in all of history.
All the ‘doom & gloom’ hinted so if/when the (R)N(C) actually wins anything, it’ll be laid @ their feet.
Should just let Joe have it another 4 yrs. Give the People the govt they deserver...hard, fast & often *shrug*
There is a guy I subscribe to on YouTube called Reventure Consulting.
He mostly talks real estate but the last few weeks he has mentioned credit card defaults.
Apparently, both Discover Card and Capital One have seen a surge in the default rate up to 5.7 & 5.9 % from around 3%.
The last time something similar happened was 2008.
Even worse, he is an orange fascist!
Credit cards are a useful tool if you know how to use them. If you don’t, credit cards are the road to serfdom.
Just got letter from Citi that interest has been raised on my card to almost 30%. Will be paying off card next month and getting rid of it. I suspect their are thousands of families who can only afford to pay minimum.
BAILOUTS.
I saw this coming and locked my CC card in the safe. I use CASH. You Don’t take it, then put your junk back on your selves, and I walk out. Learned about overuse of CCs 50 years ago.
Or just have WIC AND SNAP.
:)
[The last time something similar happened was 2008.]
I’ve been saying, 2008 is coming again.
It’s basically unavoidable what with the gang in D.C.
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