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☆ Credit card and auto loan delinquencies are the highest in more than a decade
  + stars: | 2024-02-06 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
New York CNN —Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they’re the highest they’ve been in more than a decade. Debt balances increased across the board, with credit card balances rising $50 billion to hit a new nominal high of $1.13 trillion (when adjusting for inflation, balances have yet to surpass the levels seen in 2008). “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” Wilbert van der Klaauw, economic research adviser at the New York Fed, said in a statement. “The delinquency numbers are pretty eye-opening, especially when it comes to credit cards,” Matt Schulz, chief credit analyst at LendingTree, told CNN via email. Student loan delinquencies will not be reported to the credit bureaus until later this year.
Persons: ” Wilbert van der, Matt Schulz, “, delinquencies Organizations: New, New York CNN, Federal Reserve Bank of New, York Fed, New York Fed, CNN Locations: New York
☆ Americans’ credit card debt hits a record $1 trillion
  + stars: | 2023-08-08 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
Minneapolis CNN —Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit. Rising credit card debt and auto loan balances helped to drive overall household debt levels up to $17.06 trillion for the quarter, the report showed. “Unfortunately, [credit card debt] is only going to go up from here,” Matt Schulz, chief credit analyst for LendingTree, told CNN. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.
Persons: ” Matt Schulz, “ Organizations: Minneapolis CNN, Federal Reserve Bank of New, New, New York Fed, CNN, Bank of America Locations: Minneapolis, Federal Reserve Bank of New York, York, New York
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