Data from the Federal Reserve Bank of New York indicates a growing number of Americans are falling behind on credit card payments, despite a slight decrease in credit card balances in the first quarter of the year. The report highlights rising debt levels and increasing financial stress among borrowers, with record household debt and a jump in delinquencies signaling worsening financial distress. Specific concerns include late payments among the 18-29 age group reaching levels similar to those before the Great Recession, with nearly 10% of credit card balances nearly 90 days late for Zoomers and older millennials.
Average consumer carries $6,218 in credit card debt, as more borrowers are falling behind on their payments https://t.co/0lqYtfQdxH
The Federal Reserve of New York released a report showing debt and delinquencies climbed in Q1 2024. More signs of stress on the consumer. More info here. https://t.co/dX7CcMAWfy
Overdue bills are rising with US debt delinquencies, Fed survey shows https://t.co/3e8u60eNch
The US economy as a whole is doing well, but there are seriously worrying signs of rising financial stress for the most stressed households. The latest Top Links From Chartbook newsletter, is here: https://t.co/VqZurXKcda https://t.co/6UHRbGdsLx
Late credit card payments for the 18-29 age group are at the same level as in '06 before the Great Recession. 9.90% of credit card balances among Zoomers and older millennials are almost 90 days late. Buy now, pay later IS the new US economy. https://t.co/fCLdZhYGfJ
Credit delinquencies are up via @axios @NewYorkFed https://t.co/k3JSxpSKq1
More Americans maxing out credit cards and failing to make payments than during pandemic https://t.co/9hlOICBnfs
Overdue Bills Are Rising With US Debt Delinquencies, Fed Survey Shows. https://t.co/t93Cr1nzhY
🇺🇸 Overdue Bills Are Rising With US Debt Delinquencies, #Fed Survey Shows – Bloomberg https://t.co/513uNUKJO0 https://t.co/lZMcNaHw8e
Amid rising debt levels, some borrowers face increased stress: NY Fed https://t.co/Xi0OeMGP4j
While credit card balances edged down in the first quarter, more borrowers still fell behind on their card payments, the Federal Reserve Bank of New York found. https://t.co/S5sbfkVxhY
Record Household Debt, Jump In Delinquencies Signal "Worsening Financial Distress", Fed Warns https://t.co/yptAoLr3zz
NY Fed: Amid rising debt levels, some borrowers face increased stress https://t.co/CjFWI8y40W https://t.co/chaqnW4LAw
The Q1 Quarterly Report on Household Debt & Credit shows a growing number of borrowers are behind on credit card payments. In today's post, the authors explore the relationship between credit card delinquency & changes in credit card “utilization rates.” https://t.co/8CpAgcPsCo
An increasing share of Americans fell behind on their credit card payments at the beginning of the year, according to data out Tuesday. https://t.co/yBIpasEK7j