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U.S. credit card defaults have hit the highest levels since the start of the 2008 financial crisis.
Credit card lender wrote off $46 billion in “seriously delinquent credit card loan balances in the first nine months of” 2024, according to an article shared by One America News. This represents a 50% increase from the same time period in 2023. American consumers currently have roughly $37 billion in credit card debt owed to banking institutions, all of which is overdue by at least a month.
These numbers come as part of the $270 billion rise in credit card balances over the last few years. Even without exact numbers for the fourth-quarter of 2024, “Early signs are showing that consumers are falling far behind on what they actually owe.” (POPULAR POLL: Do You Usually Stay Home For New Year’s Eve?)
Credit Card Defaults
“Household debt also climbed to a new high of $17.94 trillion, along with balances on mortgages ($12.59 trillion), auto loans ($1.64 trillion) and student loan balances ($1.61 trillion),” according to a Fox News report, citing data from the New York Federal Reserve from Nov. 2024.
“High-income households are fine, but the bottom third of US consumers are tapped out,” Mark Zandi, head of Moody’s Analytics, told FT. “Their savings rate right now is zero.” (RELATED CONTENT: Christmas Dinner Costs Rose In 2024)
Experts are reportedly warning that the dam is about to break on Americans’ record-high consumer debt. Most of these purchases came amid the COVID-19 pandemic’s “spending spree” while financial policy continuously falls short of supporting a stable economy, as Fortune detailed.
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