Young Americans drowning in credit card debt as delinquency rates climb near 10% in Q2

Young Americans drowning in credit card debt as delinquency rates climb near 10% in Q2

Young Americans continued to make up the largest share of those transitioning into credit card delinquency in the second quarter, according to a report released by the New York Federal Reserve.Despite ticking down slightly from the previous quarter, the report showed that nearly 10% of credit card balances held by Americans aged 18-29 became 90 or more days overdue in the second quarter. New York Fed researchers said credit card delinquency rate…

Data Shows Most Consumers Are Managing Credit Despite Pressures

The conventional wisdom is that consumers in the United States, burdened by debt, are trapped in a cycle of using credit to get what they need, and then juggling their debt, grappling with monthly payments. [contact-form-7] But data and commentary from earnings season thus far indicate that most consumers are proving to be adroit managers of credit, particularly credit cards. Although delinquencies have been on the rise, depending on wh…

Financial News Network - Young Americans drowning in credit card debt as delinquency rates climb near 10% in Q2

A New York Fed report shows credit card delinquency rates for Americans under 40 remain unusually elevated, with Gen Z facing increasing financial pressures.Read More …