Credit Card Delinquency Rates Climb to Decade High in Fed Study
Almost 3.2% of card balances were at least 30 days past due as of the end of September, the Philadelphia Fed said.
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Credit-card delinquency rates have exceeded pre-pandemic levels, while the share of borrowers making only the minimum payment climbed above 10% for the first time since 2019, according to a Federal Reserve Bank of Philadelphia report.
Almost 3.2% of card balances were at least 30 days past due as of the end of September, the Philadelphia Fed said. That’s the highest figure in more than a decade, and up by over 40 basis points from the previous quarter. The share of debts that are 60 and 90 days late also jumped.