According to the Financial Times, U.S. credit card defaults increased to their highest level since the start of the 2008 Great Recession, which is a telling sign that lower-income Americans are struggling after dealing with years of high inflation.
Categories: $1 trillion$170 billion$270 billion$37 billion$46 billion$60 billion2008 Great Recession202550 basis pointsBankRegDataborrowing costsCapitalOneCitigroupconsumer credit card debtconsumer credit researchconsumerscredit card defaultscredit card interestCredit card lendersdelinquent credit card loan balancesFed funds rateFederal ReserveFinancial Timesfourth-quarter numbersinflationJames MeyersJPMorgan Chaselower-income AmericansMark ZandiMoody’s AnalyticsNovemberOAN NewsroomOdysseas Papadimitriousavings rateSeptemberTodays HeadlinesU.S.WalletHub