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Delinquency rates among American credit card holders are at an all-time high, while at the same time a record number of “active accounts” have “a balance of over $2,000,” according to a Federal Reserve Bank of Philadelphia report.
“Stress among cardholders was further underscored in payment behavior, as the share of accounts making minimum payments rose 34 basis points to a series high,” according to the report. Credit scores in “the 10th and 25th percentiles of cardholders decreased to their lowest levels since the first quarter of 2020”High balances, minimum payments, lower credit scores, record delinquencies… These are terrible signs of what’s happening out in the Real World. To begin with, unless you pay them off every month, credit cards are a sucker’s game — nothing more than legal loan sharking.that the “average credit card interest rate is 27.
Only desperate people subject themselves to that kind of abuse, but desperate we are in the Land of Bidenomics, where a corporate loan shark is the only way to make your monthly nut when a gallon of gas and a dozen eggs run about $4.00 each.
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