NEW YORK — Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groupsthat’s severely delinquent, defined as being more than 90 days overdue, rose to 10.7% during the first quarter of 2024, according to the Federal Reserve Bank of New York. A year ago, just 8.2% of credit card debt was severely delinquent.
“The best thing to do is to reach out, give an honest assessment of your ability to pay over time, and ask what options are available to you both ‘on and off-the-menu,’” McClary said. This kind of phrasing can give creditors an opening to offer more flexibility, he said. “Younger and less affluent people are experiencing challenges,” he said. “And high interest rates are having an effect.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Study: Grocery shopping habits prove credit worthiness, aiding those without credit historyRecent advances in artificial intelligence and machine learning, coupled with the evolution of large-scale data storage, access and processing technologies, have fueled interest among financial institutions in new data sources for credit scoring.
Source: physorg_com - 🏆 388. / 55 Read more »
When credit card debt forgiveness is worth it (and when it's not), according to expertsCredit card debt forgiveness can be helpful, but it's important to compare your options before acting.
Source: CBSNews - 🏆 87. / 68 Read more »
9 Surprising Things That Can Boost Your Credit Score, Finance Experts SayDigital destination for sophisticated men & women. Live your best life with expert tips and news on health, food, sex, relationships, fashion and lifestyle.
Source: BestLifeOnline - 🏆 533. / 51 Read more »
How to get help with your credit card debt, according to expertsFacing high credit card balances? Here's where you can get help if and when you need it, according to experts.
Source: CBSNews - 🏆 87. / 68 Read more »
Buy-now-pay-later platforms could soon affect your credit, experts sayIn March, Apple became the first major provider of buy-now-pay-later loans to fully report its four-installment loan information and account histories to a credit bureau.
Source: 6abc - 🏆 250. / 63 Read more »
Is credit card debt forgiveness easy to qualify for?Are you considering credit card debt forgiveness? Find out how easy it is to qualify for here.
Source: CBSNews - 🏆 87. / 68 Read more »