Credit Card Delinquencies Surged in 2023: New York Fed

Credit card delinquencies increased almost 60 percent in 2023 as total household debt and credit developments reached $17.5 trillion, data from the Federal Reserve Bank of New York show. Of the $1.129 trillion credit card debt reported at the end of 2023, 6.36 percent has fallen into “serious delinquency,” which is defined as 90 days or more past due. Delinquencies in mortgage debt and auto loan debt also increased, but not as fast as credit card debt. Meanwhile, home equity line and student loan debt improved slightly in delinquencies. The New York Fed said in a blog posting accompanying the report that delinquency rates have been rising from very low levels in 2021 amid a retreat in government support efforts. In the case of auto loans, delinquency rates are now above pre-pandemic levels “and the worsening appears to be broad-based,” New York Fed researchers wrote....