Credit Cards - Debts, Delinquency etc.

[winston]

Credit card companies are suffering losses

According to Goldman Sachs, credit card companies are suffering losses at a clip not seen in 30 years, with the notable exception of 2008.

Losses currently stand at 3.63%, up 1.5 percentage points from the bottom, and Goldman sees them rising another 1.3 percentage points to 4.93%.

This comes at a time when Americans owe more than $1 trillion on credit cards, a record high, according to the Federal Reserve Bank of New York.

The Goldman analyst noted that what makes this unusual is that the losses are accelerating outside of an economic downturn.

Source: CNBC

[behappyalways]

Retail Credit Card APR Hits Record 28.93% Average
https://www.zerohedge.com/personal-fina ... 93-average

[behappyalways]

Dear Santa, Can I Pay Later This Year?
https://www.zerohedge.com/personal-fina ... later-year

[winston]

US Credit Cards Delinquency

Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported.

According to TransUnion’s research, “serious delinquencies,” or those 90 days or more past due, reached the highest level since 2010.

Source: CNBC