A growing number of Americans are falling behind on their monthly credit card payments as they continue to battle high inflation and interest rates.
New data published by the Federal Reserve Bank of Philadelphia shows that credit card delinquency rates in the first quarter of 2024 rose to the highest level since 2012, when the Fed began tracking the data. All stages of credit card delinquency — 30, 60 and 90 days past due — rose during the first three months of the year.
The proportion of card balances that were more than 60 days past due at the end of March climbed above 2.5%, more than double the lows seen during the COVID-19 pandemic when huge amounts of government stimulus helped keep Americans afloat.