Philadelphia Fed documents troubling credit trends in US
Revolving credit and delinquencies on rise as minimum payments hit peak for the decade
Researchers from the Federal Reserve Bank of Philadelphia have found troubling trends in US consumer credit.
The bank’s Q3 2024 Insights Report, published on January 22, says the number of credit card holders making just the minimum payment hit a 12-year high during the third quarter of last year. Meanwhile, the share of delinquencies continued to rise.
The authors, Nick Smith and Gene Huang, also find that the share of revolving card balances – the amount carried over from one month to the next –
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