During the first nine months of 2024, lenders wrote off more than $46 billion in seriously delinquent credit card loans, marking a 50% increase from 2023.
Mark Zandi stated, 'High-income households are fine, but the bottom third of US consumers are tapped out. Their savings rate right now is zero.'
The New York Federal Reserve reported that Americans' credit card debt hit a record high of $1.17 trillion in September, the highest level since 2003.
One researcher noted elevated flows into delinquency particularly for credit cards and auto loans, indicating concerning trends in younger borrowers.
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