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Defaults on credit card loans are skyrocketing in the US.
Lenders are now witnessing a 14-year high in credit card defaults, reports the Financial Times.
The bad credit forced lenders to collectively write off a whopping $46 billion in loans that are considered seriously delinquent in the first nine months of 2024.
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Based on data compiled from the Federal Deposit Insurance Corporation (FDIC) and the US banking industry information platform BankRegData, the figure represents a 50% year-over-year increase.
According to BankRegData, Capital One customers are facing the highest credit card delinquencies, with a total delinquent amount of $7.68 billion, representing 5.36% of their credit card loans.
Next is Citibank with $4.79 billion (2.93%) in delinquencies, followed by Synchrony Bank at $4.50 billion (5.02%), JPMorgan Chase at $4.10 billion (2.16%), Discover Bank at $3.9 billion (3.93%) and Bank of America at $2.56 billion (2.54%).
The rapid rise in credit card loan defaults is a sign of strained consumer finances after years of high inflation and the subsequent rise in interest rates.
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Mark Zandi, head of Moody’s Analytics, tells FT that consumer spending power has clearly diminished in most households.
“High-income households are fine, but the bottom third of US consumers are tapped out. Their savings rate right now is zero.”
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Nguồn: https://marketeconomy.monster
Danh mục: News