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.
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. 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 3.5% of card balances were at least 30 days past due at the end of December, an increase of about 30 basis points from the previous quarter. The percentage of debts that are 60 and 90 days late also rose.
Click here to read the rest of the article written by Megan Henney over at Fox 5 DC
