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What Led to U.S. Credit Card Defaults Reaching a 14-Year
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Subscribe31 DEC 2024 / FINANCE
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US credit card defaults have surged to rates unseen since the Great Recession, reaching $46 billion in write-offs in the first nine months of 2024. This increase, driven by high living costs, stagnant wages, high-interest rates, and other economic pressures, signals potential economic strain and could have deleterious effects on consumers, particularly the economically disadvantaged, and lenders, further impacting the broader economy.
U.S. credit card defaults are through the roof, hitting levels we haven’t seen since the Great Recession. The first nine months of 2024 saw $46 billion in write-offs —a 50% jump from 2023 and the highest in 14 years, according to BankRegData. This isn’t j...
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