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Articles for Delinquencies

Credit card delinquencies are rising. Here’s what to do if you’re at risk
6 months, 1 week ago

Credit card delinquencies are rising. Here’s what to do if you’re at risk

LA Times  

If you’re experiencing delinquency, or at risk of it, experts advise speaking with a nonprofit credit counselor and negotiating with your creditors directly. The share of credit card debt that’s severely delinquent, defined as being more than 90 days overdue, rose to 10.7% during the first quarter of 2024, according to the Federal Reserve Bank of New York. Lynch and …

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Credit card delinquencies are rising. Here’s what to do if you’re at risk
6 months, 2 weeks ago

Credit card delinquencies are rising. Here’s what to do if you’re at risk

Associated Press  

NEW YORK — Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groups to pay their bills. The share of credit card debt that’s severely delinquent, defined as being more than 90 days overdue, rose to 10.7% during the first quarter of 2024, …

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Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy
7 months ago

Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy

Associated Press  

NEW YORK — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter, a 12-year high, according to the Federal Reserve Bank of New York’s report on first-quarter household debt. “The …

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Commercial and multifamily mortgage delinquencies rose in the first part of 2023
1 year, 6 months ago

Commercial and multifamily mortgage delinquencies rose in the first part of 2023

CNN  

Washington, DC CNN — Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association. “Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head …

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AmEx profits fall 9% as customers fall behind on payments
1 year, 10 months ago

AmEx profits fall 9% as customers fall behind on payments

Associated Press  

NEW YORK — American Express saw its fourth-quarter profits fall by 9%, as the credit card giant had to set aside significantly more money to cover potentially bad loans. While AmEx saw a double digit rise in card usage from a year ago — cardmembers spent $413.3 billion on their cards last quarter — the increase in revenue was eclipsed …

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As ‘buy now, pay later’ plans grow, so do delinquencies
2 years, 3 months ago

As ‘buy now, pay later’ plans grow, so do delinquencies

Associated Press  

NEW YORK — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers. Given those features, consumer advocates and financial advisors initially had seen buy now, pay later plans as a potentially healthier form of consumer debt if used correctly. “If these buy now, pay later plans are …

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