Renters are getting buried in credit card debt
LA TimesNoticeable pockets of Americans are quickly running up their credit card balances and increasing numbers are now falling behind on their debts. Although the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years. A recent report from credit rating company Moody’s showed that credit card delinquency rates and charge-off rates, or the percent of loans that a bank believes will never be repaid, are well above their 2019 levels and are expected to keep climbing. These worrisome metrics coincide with the average interest rate on a bank credit card of roughly 21.5%, the highest it’s been since the Federal Reserve started tracking the data in 1994. However, the reality is that there are starting to be some significant signs of stress,” said Silvio Tavares, president and chief executive of VantageScore, one of the country’s two major credit scoring systems.
History of this topic
Credit card delinquencies are rising. Here’s what to do if you’re at risk
Associated PressBorrowers, especially the young, struggle with credit card debt in potentially bad sign for economy
Associated Press
More Americans are falling behind on credit card bills
NPR
Americans have record-high credit card debts totalling $1.05 trillion amid historic inflation
Hindustan TimesSome Americans have become saddled with credit card debt as rent and everyday prices remain high
Associated Press
Americans ran up $105 billion in credit card interest last year alone
CNN
Fed holds steady on interest rates but hints a further hike could be on the way this year - what does it mean for YOUR pocket?
Daily Mail
Americans’ credit card debt hits a record $1 trillion
CNN
How the Fed's latest rate hike will hit your wallet
Daily Mail
In Your Debt: Doing the bare minimum with debt can cost you
The Independent
Credit card debt is at record high as Fed raises rates again
Associated Press
Credit Card Nation: How we went from record savings to record debt in just two years
NPR
Americans will feel the impact as Fed raises rates. Here's what you should know
NPR
Plastic fantastic: Americans are racking up credit card debt
Al Jazeera
US credit card balances fall, though overall borrowing rises
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