"Credit card delinquencies just hit a 15 year high. 13.12% of balances: now 90+ days past due -worst since the 2008 GFC. Total US CC debt reached $1.25T in Q1 -highest 1Q since the Fed started tracking in 1999.

Aver% rates: 21%:⬆️from 14.6% in Feb 2022. Delinquencies:⬆️every income level. NFCC: 24% more clients in Jan than a year ago.

The hole gets deeper at these rates -Fed:⬆️rates to fight #inflation, CC issuers follopwed: $15K bal at 26% costs ~$325/mo in int alone."
-Hedgie
#Recession #USPol