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Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago. At the same time, credit card delinquency ...
Borrowers making the minimum payment on an average credit card balance of $6,000 at the average rate of 20.74% would be in debt for more than 17 years and end up paying $9,000 in interest, Rossman ...
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 latest data also showed that the rate of households becoming delinquent or entering serious delinquency (behind by 90 days or more) on their credit cards was the highest since the end of 2011.
Along with the trend in minimum payments came a move higher in delinquency rates. The share of card holders more than 30 days past due rose to 3.52%, an increase from 3.21%, for a gain of more ...
Overall, consumers flow into serious delinquency increased to 4.57% within the first three months of the year, up from 3.04% a year ago. Delinquency transition rates for credit cards also ...
This stress has resulted in higher credit card delinquency rates. JPMorgan Chase's latest delinquency rate was above its average of 3.11% in the year before the pandemic, a sign that people are ...
A year ago, just 8.2% of credit card debt was severely delinquent. ... says that anyone at risk of delinquency should reach out as soon as ... The average annual interest rate on a new credit card ...