A growing number of Americans are struggling to make their credit card payments every month as they continue to battle high inflation and interest rates.
A growing number of Americans are falling behind on their monthly credit card payments as they continue to battle high inflation and interest rates. New data published by the Federal Reserve Bank of Philadelphia shows that credit card delinquency rates in the first quarter of 2024 rose to the highest level since 2012, when the Fed began tracking the data. All stages of credit card delinquency – 30, 60 and 90 days past due – rose during the first three months of the year.
The number of total credit cards dipped during the first quarter, in line with seasonal trends, but total revolving balances hit a record $628.6 billion. Revolved balances as a share of total outstanding balances are now at 71%, the highest level since 2021. Researchers also noted that "account holders who are behind have larger balances left unpaid.
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