Over the last few months, there have been numerous signs that a credit card debt crisis could be looming, including an uptick in late payments and maxed-out card accounts. And, a report from the Federal Reserve Bank of New York shows that severely delinquent card debt recently hit levels not seen in over a decade. According to the report, the proportion of credit card debt classified as severely delinquent or more than 90 days overdue surged to 10.7% in the first quarter of 2024, a significant increase from 8.2% just one year prior.
Multiple factors may be contributing to this concerning trend. One is that persistent i…
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