Americans are drowning in credit card debt. New data published by the Federal Reserve Bank of Philadelphia shows that a growing number of Americans are struggling to make their monthly credit card payments as they continue to battle high inflation and interest rates. All stages of credit card delinquency – 30, 60 and 90 days past due – rose during the fourth quarter of 2023 to the highest level since 2012.
Stress among cardholders was "further underscored in payment behavior," the report said. The share of accounts making minimum payments jumped 34 basis points from the third quarter. Although the share of Americans paying off their credit card balance in full rose eight basis points, a 3.1% increase in revolving balances – which carry over from month to month – "implies higher card balances among a smaller group of revolvers.
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