Per CNBC:
- U.S. credit card debt hit an all-time high of $930 billion
- Debt surpassed the $870 billion peak during the 2008 financial crisis
- Credit card delinquency rates increased .16% from the prior quarter to 5.32%
- Younger Americans (18 to 29) have a 76% higher delinquency rate than anyone else
Delinquency rates for credit cards — which are the portion of payments late 90 days or more — also rose to 5.32%, up from 5.16% from the prior quarter.
“The data also show that transitions into delinquency among credit card borrowers have steadily risen since 2016, notably among younger borrowers,” Wilbert Van Der Klaauw, senior vice president at the New York Fed, said in the press release.
