Credit delinquency is on the rise.
High credit card rates and enduring inflation are hurting consumers, especially those considered “Gen Z.” Here’s the latest New York Fed data about the American consumer.
The Data: The New York Fed’s Center for Microeconomic Data released its quarterly credit card debt report on Tuesday. Although credit card balances fell by $14 billion in the first quarter, many borrowers are behind on their credit payments.
The report connected utilization rates with the probability of delinquency. A high 90% to 100% utilization rate has become increasingly common since the COVID-19 pandemic; these borrowers are unsurprisingly more likely to fall behind on payments and become delinquent.
Gen Z Credit Woes: The New York Fed’s report found …
Full story available on Benzinga.com
Credit delinquency is on the rise.
High credit card rates and enduring inflation are hurting consumers, especially those considered “Gen Z.” Here’s the latest New York Fed data about the American consumer.
The Data: The New York Fed’s Center for Microeconomic Data released its quarterly credit card debt report on Tuesday. Although credit card balances fell by $14 billion in the first quarter, many borrowers are behind on their credit payments.
The report connected utilization rates with the probability of delinquency. A high 90% to 100% utilization rate has become increasingly common since the COVID-19 pandemic; these borrowers are unsurprisingly more likely to fall behind on payments and become delinquent.
Gen Z Credit Woes: The New York Fed’s report found …
Full story available on Benzinga.com
Credit delinquency is on the rise.
High credit card rates and enduring inflation are hurting consumers, especially those considered “Gen Z.” Here’s the latest New York Fed data about the American consumer.
The Data: The New York Fed’s Center for Microeconomic Data released its quarterly credit card debt report on Tuesday. Although credit card balances fell by $14 billion in the first quarter, many borrowers are behind on their credit payments.
The report connected utilization rates with the probability of delinquency. A high 90% to 100% utilization rate has become increasingly common since the COVID-19 pandemic; these borrowers are unsurprisingly more likely to fall behind on payments and become delinquent.
Gen Z Credit Woes: The New York Fed’s report found …Full story available on Benzinga.com Read MoreAXP, C, Chip Credit Cards, COF, Consumers, credit card, credit card debt, delinquency, Equities, JPM, MA, New York Fed, Stories That Matter, V, Top Stories, Economics, Personal Finance, AXP, US0258161092, C, US1729674242, COF, US14040H1059, JPM, US46625H1005, MA, US57636Q1040, V, US92826C8394, Equities, Top Stories, Economics, Personal Finance, Benzinga Economics
