NEW YORK—Americans are increasingly delinquent on their credit card debt, as credit card delinquencies have increased in recent months.
Some 4.4% of credit card debt became newly delinquent in the second quarter of 2017, up from about 3.5% in the second quarter of 2016, reports MarketWatch.
“This compares to rates between 8% and nearly 11% during the peak of the recession. The country also hit a scary milestone earlier this month: Americans now collectively have the most outstanding revolving debt—often summarized as credit card debt—in U.S. history,” MarketWatch stated.
Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit, the news source explained.