Credit Card Delinquencies Continue to Rise, Reaching 8.9% in Q1 2024
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Credit card delinquencies in the US reached 8.9% in Q1 2024, continuing to rise and raising concerns about consumer credit health. Visa reported strong Q2 results, but Americans' total credit card balance surpassed $1 trillion for the third consecutive quarter. Delinquency rates for auto loans, mortgages, and personal loans also increased. Lower-income borrowers are struggling, while higher-income households are driving spending. Lenders are tightening lending standards, and major credit card issuers are experiencing weakening credit performance. Overall debt levels for US households increased, with delinquency rates rising for credit cards and auto loans. The need for a comprehensive understanding of credit health and potential risks to the economy is emphasized. #CreditCardDelinquencies #ConsumerCredit #USDebt #EconomicRisk...

#newstr #CreditCard #Delinquencies #NewYorkFederalReserve 

 https://here.news/story/89505000?ver=0.3