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Strong economy for Joe 6-pack
Posted on: October 15, 2024 at 09:11:23 CT
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https://www.nbcnews.com/business/consumer/credit-card-delinquency-rates-hit-nearly-12-year-high-rcna163466
People are struggling to pay off their credit card debt even as many trim their spending.
The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012.
The delinquencies come as consumers have leaned heavily on borrowing to pay for everything from groceries to vacations — expenses that have risen sharply during the pandemic recovery — and as higher interest rates to curb inflation have pushed card rates to record highs.
People are struggling to pay off their credit card debt even as many trim their spending.
The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012.
The delinquencies come as consumers have leaned heavily on borrowing to pay for everything from groceries to vacations — expenses that have risen sharply during the pandemic recovery — and as higher interest rates to curb inflation have pushed card rates to record highs.
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Strong economy for Joe 6-pack - 90Tiger STL - 10/15 09:11:23