As inflation and interest rates remain high, consumers are increasingly finding it challenging to make minimum debt payments, with past-due debt levels surpassing pre-pandemic figures.
Despite an increase in reserves over the last year, major banks like Wells Fargo and Bank of America are still not as fortified as they were during the Great Recession.
Bank CEOs are expressing concerns over elevated prices and interest rates impacting Americans, which has resulted in a rise in past-due debt for credit cards and auto loans.
The current state of consumer and business debt reflects a worrying trend, with rising charge-off rates on loans indicating a potential crisis scenario moving forward.
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