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Tuesday, October 24, 2023

Credit card delinquency rates and balances are on the rise

As Americans grapple with high inflation and record debt, many have fallen behind on credit card payments. In fact, 5.08% of credit card balances fell into serious delinquency or were at least 90 days past due in the second quarter of 2023, according to data from the Federal Reserve Bank of New York. That marked an increase from 3.35% in the second quarter of 2022.
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10 comments:

  1. AnonymousOctober 24, 2023 at 11:59 AM

    Credit card delinquencies "appear to have normalized at pre-Covid levels" according to the NY Fed spox.

    ReplyDelete
  2. Henk VandenberghOctober 24, 2023 at 12:16 PM

    All Trump's fault. If he would not have allowed the democrats to Steele the election this would have never happened.
    Orange Man Bad.

    ReplyDelete
  3. bogsidebunnyOctober 24, 2023 at 12:25 PM

    Bt, but, but, but...Joe's says his Bidenomics is working.

    ReplyDelete
    Replies
    1. Henk VandenberghOctober 24, 2023 at 1:13 PM

      It is working as designed : it is destroying the country, and that is their objective.

      Delete
  4. MikeyOctober 24, 2023 at 1:32 PM

    Credit cards are evil. I paid all mine off and got rid of them. If I need to get a hotel or rental car reservation a debit card works just as well. If I can't afford something I just don't buy it. The credit card companies would like you to believe that having a credit card is a requirement but it turns out not to be true. Have not had one in years.

    ReplyDelete
    Replies
    1. AnonymousOctober 24, 2023 at 1:55 PM

      Ditch the card all together.
      Most non big box retailers will knock off the 3-5% added to cover their expenses if you pay cash and ask.
      Keep the monies local by using cash.
      Starve the woke corporations.

      TMF Bert

      Delete
    2. AnonymousOctober 24, 2023 at 5:07 PM

      You're taking a big chance by using your debit card. If you put in a skimmer or someone over charges you I believe you only have 2 days to notify the bank. Even then you're in for a rough ride. I use my cc all the time and have had to dispute charges from companies a few times. The cc company immediately refunded my money and worked it out with the merchants...didn't have to do a thing. Yes, the merchant may give you a discount for using cash but I get cash back...which is the same thing. I've gotten several thousand back over the years. CC's give you exceptional protections over using your debit card.

      Delete
    3. AnonymousOctober 25, 2023 at 7:23 AM

      I use two different local credit unions; one for my business, and one for my personal needs. Both pay interest on my checking account. I have had both debit cards hacked at one point or another. Neither of them had any problems putting the money back in my account; even after a couple of weeks.

      Delete
    4. AnonymousOctober 26, 2023 at 9:17 AM

      I get a nice $6-700.00 Cashback Reward on my credit card at the end of the year.
      Pays to not run it up higher than you can pay off every month, & no accrued interest to pay either.
      CC

      Delete
  5. AnonymousOctober 24, 2023 at 6:42 PM

    I haven't carried a balance in over a decade. I recently needed some new tooling and a computer for my small business. Called and talked to my card company (I never carry a balance). With an 849 FICO, they offered me 12 months at 1.99% APR for whatever I put on the card through the end of October of this year. I can pay off the $10K or so over the next ten months. I also get 2% cash back on all purchases. No brainer!

    ReplyDelete

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