Rising Credit Card Strain: Delinquencies and Minimum Payments Hit New Highs in 2024

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More People Are Only Paying The Minimum Payment As Credit Card Balances Rise

Higher interest rates that increase borrowing costs appear to be creating a growing financial strain on consumers.

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Rising Credit Card Strain: Delinquencies and Minimum Payments Hit New Highs in 2024

In the third quarter of 2024, a series of concerning trends in U.S. consumer credit card usage have emerged, according to a recent report from the Philadelphia Federal Reserve. As rising interest rates and inflationary pressures continue to weigh on households, the share of credit card holders more than 30 days past due has increased, and the number of people only making minimum payments on their cards has reached a 12-year high. While these dev…

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A record number of consumers are making minimum credit cards payments as delinquencies also rise

The share of active holders just making baseline payments on their cards jumped to a 12-year high, a Philadelphia Federal Reserve report said.

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Americans struggling with credit card debt, record number only making minimum payments

A report from the Philadelphia Federal Reserve also shows a record-high number of Americans are only paying the minimum monthly payment on their credit card bills, peaking at nearly 11% of all accounts in the third quarter of 2024. Ted Rossman, senior industry analyst at Bankrate, joined CBS News to discuss the issue. Source The post Americans struggling with credit card debt, record number only making minimum payments appeared first on News Tal…

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BUST: Growing number of Americans only paying minimum on credit cards.

BUST: Growing number of Americans only paying minimum on credit cards. Read more…

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NEW YORK (AP) — Non-payment of credit cards is on the rise among Americans and has reached its highest level in 14 years. The omission of payments to credit cards in the United States rose to a record $46 billion between January and September 2024, according to the Financial Times, which cites data analyzed by BankRegData, a service to determine the performance of banks.At a time when there are high levels of credit card debt and high inflation,…