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Deja Vu? The Recent Rise in Credit Card Debt Delinquencies
Due to job losses that occur during recessions, some people may reduce or stop payments on credit card debt, which results in delinquent accounts.
Although credit card delinquency rates were low during the COVID-19 recession, they have been on the rise since the end of 2021.
Current delinquency rates for younger people are near where they averaged in the 2007-09 global financial crisis, but delinquent debt as a share of total credit card debt is smaller.
Although credit card delinquency rates were low during the COVID-19 recession, they have been on the rise since the end of 2021.
Current delinquency rates for younger people are near where they averaged in the 2007-09 global financial crisis, but delinquent debt as a share of total credit card debt is smaller.
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