Recent research shows that approximately 1 in 7 Gen Z credit card users have maxed out their credit cards, with delinquency rates on credit cards and auto loans rising across all age groups. The New York Fed reports an increase in transition rates into serious delinquency for credit cards and auto loans. Fed's Waller expresses concern over delinquency rates, indicating stress on some consumers. Michelle Singletary advises on the increasing number of borrowers hitting the 90 percent or more threshold on their credit card limits, with Gen Z leading in this trend. Additionally, statistics reveal a growing number of Americans maxed out on credit cards, with the average consumer carrying $6,218 in credit card debt, up 8.5% year-over-year, totaling $1.12 trillion in the US.
This isn't a good sign for the US population... The average consumer now carries $6,218 in credit card debt, which is up 8.5% year-over-year. Total credit card debt is now up to $1.12 Trillion in the US. What do you think is the leading contributer to this? https://t.co/8LnSssoOxg
Credit Card and Auto delinquencies won’t derail expansion The New York Fed published its update on consumer credit a couple of weeks ago, showing credit card and auto loan delinquencies rising to the highest since just after the financial crisis, but they represent only a small… https://t.co/PE9YftwHIo
A growing number of Americans are maxed out on credit cards. Gen Z leads the pack with 15.3% of borrowers being maxed out. Here’s an FAQ for paying down credit card debt 🧵
This is concerning: 1 in 6 Americans from the poorest 10% of ZIP codes are in credit card debt delinquency, according to the Fed. The share of people in delinquency in these areas has increased from 11% in Q2 2021 to 17% in 1Q 2024, the highest in 21 years. In just 10 years,… https://t.co/pQzoHetpHy
Advice by Michelle Singletary: New data shows that an increasing number of borrowers are hitting the 90 percent or more threshold on their credit card limits, with Gen Z leading the way. https://t.co/JY5kJdTeSa
Recent stats about credit card debt: 61% of Americans aged 18-64 paid for their groceries with a credit card in 2023. 19% of adults in the US used savings not intended for routine living expenses and 3.5% exploited the Buy Now, Pay Later option. 20% of adults who used credit… https://t.co/5XQYPAusdr
1 in 7 Gen Z credit card users are ‘maxed out’ via @MattEganCNN "Most commentators discuss a soft landing for *the* economy but latest evidence on credit conditions points to multiple consumers affected to different degrees by higher cost/interest rates” https://t.co/Y7fWgo4tcp
Fed’s Waller: Credit Card and Auto Loan Delinquency Rates Suggests Some Consumers Under Stress Fed’s Waller: Will Be Closely Watching How Private Domestic Final Purchases Fares Into Second Quarter Waller: Economy Seems to Be Evolving Closer to What the Fed Expected
In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups, per the NY Fed.
The delinquency rate on credit cards has climbed steadily for the past 2 years https://t.co/ulq0YKr9qG
1 in 7 Gen Z credit card users are ‘maxed out’. Read below: https://t.co/HmWWOvvQnV
Gen Z struggling with credit debt, more likely to max out cards https://t.co/klFYEzOUMY https://t.co/ITlK0wBEq2
Roughly 1 in 7 Gen Z credit card borrowers have maxed out their credit cards, according to new research. https://t.co/pY5Lz1O8pR