watch nowWho is falling behind on credit card billsThese borrowers "may have overextended during the pandemic," the New York Fed researchers said on a press call Tuesday.
Delinquent borrowers are often renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable and miss a payment, the researchers said.
Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed found.
Among the millennials transitioning into delinquency, many also entered the labor market during the Great Recession and may be experiencing the prolonged negative effects of graduating into an economic downturn, the New York Fed researchers said.
Credit card rates top 20%
Persons:
homeownership, Brett House, Ted Rossman
Organizations:
New York Fed, Columbia Business School
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