11 Oct 2023
US average interest rate on credit cards is now close to 23% ⚠ (hitting a new record high since data are recorded)
Source: C.Barraud
4 Oct 2023
Credit Card Delinquency rates at small banks have reached 7.51%, the highest level ever recorded
Source: FRED
8 Aug 2023
Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%
That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003. The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record. As card use grew, so did the delinquency rate. The Fed’s measure of credit card debt 30 or more days late rose to 7.2% in the second quarter, up from 6.5% in Q1 and the highest rate since the first quarter of 2012 though close to the long-run normal, central bank officials said. Total debt delinquency edged higher to 3.18% from 3%. Source: CNBC
