Credit Card Debt Increases at Near-Record Pace, Delinquency Rates Already Worse Than 2008

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Credit Card Debt Increases at Near-Record Pace, Delinquency Rates Already Worse Than 2008

By Investment Watch Blog

Already worse than 2008. https://t.co/SHSyomwhhA

— Financelot (@FinanceLancelot) May 9, 2023

Meanwhile, credit card interest rates are rising at a historic pace.

The average rate on credit card debt in the US just hit a record 24%.

All while 73% of millennials now say they are living paycheck to paycheck.

Follow us @KobeissiLetter for more analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) May 8, 2023

In the US, 45% of millennials now have more credit card debt than savings.

44% of US adults who are aged 43 to 58 have more credit card debt than savings.

Overall, a record 36% of US adults now have more credit card debt than savings.

These numbers are up massively this year. pic.twitter.com/ueqJBTh5T7

— The Kobeissi Letter (@KobeissiLetter) May 8, 2023

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Original Source: https://www.investmentwatchblog.com/credit-card-debt-increases-at-near-record-pace-delinquency-rates-already-worse-than-2008/

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Credit Card Debt Increases at Near-Record Pace, Delinquency Rates Already Worse Than 2008

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

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