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Credit card delinquency rates hit worst level since 2012 in new Fed data

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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, when the Fed began tracking the data.

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. The researchers noted that it is typical for credit card performance to deteriorate at the end of the year as consumers ramp up their holiday spending.Nearly 3.

The average credit card annual percentage rate, or APR, has been holding steady at a record-high of 20.75% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991. WHY ARE GROCERIES STILL SO EXPENSIVE?If people are carrying debt to compensate for steeper prices, they could end up paying more for items in the long run.

 

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