Fed reveals only 2.43% of Americans are delinquent in their credit card balances
Per Lending Tree
To qualify to become a delinquent, it was noted that Americans needed to be at least 30 days delinquent on their balances. The Fed recently found that the number of Americans with outstanding credit card balances that were at least 30 days delinquent was just 2.43%.
This came as a Q1 2023 increase from 2.25% to 2.43%, which represented the sixth straight quarterly increase. It was also noted that for three straight quarters, rates have been sitting above 2%.
Lending Tree notes that the current delinquent rates were far from that of 2009, during the great depression, when rates almost reached 7%. It was also noted that the total credit card balance of Americans sat at $986 billion in Q1 2023.
"Thanks to rising interest rates, stubborn inflation and myriad other economic factors, it’s likely just a matter of time before credit card balances surpass $1 trillion for the first time since the New York Fed began tracking."
In October, it was reported that Americans aged 18 to 29 had a 76% higher credit card delinquency rate compared to other groups. The group reportedly had a 9.36% rate of credit card delinquency.
In February, it was reported that the total number of US credit cards reached an all-time high of 518.4 million.
See flow at unusualwhales.com/flow.
Other News:
- Americans Aged 18 to 29 have a 76% Higher Credit Card Delinquency Rate Compared to Other Groups
- The total number of credit cards in the US has hit an all-time high of 518.4 million
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