PHILADELPHIA— A growing number of Americans are falling behind on their monthly credit card payments, in part due to inflation and interest rates, according to new data published by the Federal Reserve Bank of Philadelphia.
All stages of credit card delinquency--30, 60 and 90 days past due--rose during the third quarter of 2023, surpassing pre-pandemic levels for the first time. Yahoo Finance reported. The report noted delinquency rates are now approaching the highest level since 2012.
Additional Findings
The researchers found 2.21% of credit card balances were 60 days late during the three-month period from July to September, up from 1.93% during the same period in 2019, Yahoo Finance stated in its analysis.
At the same time, 3.19% of credit card balances were 30 days late, while 1.52% were in serious delinquency of 90 days or more.
As CUToday.info has been reporting, NCUA has also been flagging concerns around rising delinquencies in credit unions’ card portfolios.
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