The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter of 2024.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 groups that’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. Silvio Tavares, CEO of VantageScore, a credit score modeling and analytics company, said that delinquencies have now exceeded their pre-pandemic levels, and that
Tavares said the most important thing a borrower can do is to know their credit score and keep up with payments to avoid paying additional interest on revolving balances and debt. He cautioned consumers not to over-extend themselves withCredit cards only make up about 6.
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