Warning about alarming trend not seen since the financial crisis

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Warning about alarming trend not seen since the financial crisis

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Americans are defaulting on their credit cards at the highest level since in the wake of the 2008 financial crisis. After building up cash reserves during the Covid-19 pandemic, high inflation has now all but depleted the savings of lower-income consumers. Credit card lenders wrote off $46 billion in seriously delinquent loan balances in the first nine months of this year, according to BankRegData. That is up 50 percent from the same period in 2023, and the highest level in 14 years, The Financial Times reported.
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