‼️US credit card delinquencies are rising
Consumers are increasingly falling behind their debt
US credit card serious delinquency rates for subprime borrowers rose to 22% in Q3 2024, the highest in at least 12 years. They have risen by 7 percentage points over the last 2 years.
These consumers account for ~23% of the consumer credit market, according to Fed.
This is another evidence of struggling consumers, especially the bottom-income bracket. Elevated interest rates and record prices are behind the weakness.
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