BREAKING: US credit card defaults hit the highest level in 14 years
US consumers are feeling the pain of record prices and historically high interest rates
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US credit card defaults in the first 9 months of 2024 spiked 50% year-over-year to $46 billion, the highest since 2010, a year after the Great Financial Crisis.
Credit card write-offs in seriously delinquent loans have doubled over the last 2 years.
As a % of total credit card debt, defaults hit the highest in 13 years.
The most financial pain has been seen in the bottom-income consumers.
Moreover, the savings rate of the bottom third US households is now 0%, according to Moody’s analytics.
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