TeamDML offers insights, opinions, podcasts, videos and other forms of content intended to educate and better explain trending news that is made available to the public by third parties. In this particular case, we refer to an excerpt from YAHOO.COM:
(Bloomberg) — US credit-card delinquency rates were the highest on record in the fourth quarter, according to a Federal Reserve Bank of Philadelphia report.
Almost 3.5% of card balances were at least 30 days past due as of the end of December, the Philadelphia Fed said. That’s the highest figure in the data series going back to 2012, and up by about 30 basis points from the previous quarter. The share of debts that are 60 and 90 days late also climbed.
“Stress among cardholders was further underscored in payment behavior, as the share of accounts making minimum payments rose 34 basis points to a series high,” according to the report.
“The numbers signal added pressure on US household finances amid higher costs of living,” Bloomberg wrote.
“This is what happens when people go broke just buying groceries. #Bidenomics is awesome!” mocked radio talk show host Andrew Wilkow.
This is what happens when people go broke just buying groceries. #Bidenomics is awesome!https://t.co/KQgyfn7eD0
— Andrew Wilkow (@WilkowMajority) April 11, 2024
US credit-card delinquency rates were the highest on record in the fourth quarter, according to a Federal Reserve Bank of Philadelphia report. https://t.co/pbe3Ljy4as
— Bloomberg (@business) April 10, 2024
To get more information about this article, please visit YAHOO.COM. To weigh in, leave a comment below.
The post BIDENOMICS: Credit-card delinquency rates were worst on record in Fed study appeared first on Dennis Michael Lynch.
Click this link for the original source of this article.
Author: Online
This content is courtesy of, and owned and copyrighted by, https://dennismichaellynch.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.