Newsweek on Nostr: Credit card defaults skyrocket as Americans unable to pay their debts ========== ...
Credit card defaults skyrocket as Americans unable to pay their debts
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Defaults on credit cards in the U.S. have increased significantly, with lenders writing off $46 billion in seriously delinquent loans in the first nine months of 2024, a 50% rise from the previous year and the highest since 2010; total U.S. credit card debt reached a record $1.17 trillion; credit card balances rose by $24 billion in Q3 2024, an 8.1% increase year-over-year; serious delinquency rates increased from 5.78% in Q3 2023 to 7.1% in Q3 2024; average credit card debt per household is approximately $10,757; economic pressures and high inflation are contributing factors; Mark Zandi from Moody's Analytics noted that the bottom third of consumers are financially strained; Federal Reserve predicts only two quarter-point interest rate cuts in 2025.
#CreditCards #Debt #Defaults #Inflation #Economy #FinancialStress #HouseholdDebt #FederalReserve #Moody'sAnalytics #Bankregdata
https://www.newsweek.com/credit-card-defaults-skyrocket-americans-unable-pay-their-debts-2007843
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Defaults on credit cards in the U.S. have increased significantly, with lenders writing off $46 billion in seriously delinquent loans in the first nine months of 2024, a 50% rise from the previous year and the highest since 2010; total U.S. credit card debt reached a record $1.17 trillion; credit card balances rose by $24 billion in Q3 2024, an 8.1% increase year-over-year; serious delinquency rates increased from 5.78% in Q3 2023 to 7.1% in Q3 2024; average credit card debt per household is approximately $10,757; economic pressures and high inflation are contributing factors; Mark Zandi from Moody's Analytics noted that the bottom third of consumers are financially strained; Federal Reserve predicts only two quarter-point interest rate cuts in 2025.
#CreditCards #Debt #Defaults #Inflation #Economy #FinancialStress #HouseholdDebt #FederalReserve #Moody'sAnalytics #Bankregdata
https://www.newsweek.com/credit-card-defaults-skyrocket-americans-unable-pay-their-debts-2007843