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U.S. consumers are struggling to make credit card payments, with delinquencies surging to levels not seen in 15 years, according to a report.
Credit Card Delinquencies Reach Multi-Year High
According to an X post by The Kobeissi Letter on Monday, “US consumers are falling behind debt at a crisis pace.”
Serious credit card delinquencies rose 0.4 percentage points to 13.1% in the first quarter, the highest level since the fourth quarter of 2010 and just below the 2010 peak of 13.7% in the wake of the 2008 financial crisis.
Since the third quarter of 2022, credit card delinquencies have surged 5.5 percentage points, “larger than the +3.9 point increase in 2007-2010,” the letter said.
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