The latest figures from the Federal Reserve Bank of New York demonstrated that during the first quarter, both household debts and late payments increased. In particular, credit card debts in severe delinquency (90 days or more overdue) reached their highest point since 2012.

Joelle Scally, the regional economic principal at the New York Fed’s Household and Public Policy Research Division, stated in a news release, “During the first quarter of 2024, credit card and auto loan transition rates into serious delinquency increased across all age groups. This suggests that more and more borrowers are missing credit card payments, indicating signs of worsening financial stress for some families.”

 

To continue reading the rest of the article, please click on the source link below:

https://aussiedlerbote.de/en/debt-levels-and-missed-payments-are-increasing-among-u-s-residents/