Americans' souring credit card debt poised to reach 10-year high
Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic.
The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest level since 2010, according to a forecast by TransUnion. Still, the credit-rating company said the increase isn’t a cause for concern, noting that bad card debt still remains much lower than the level seen during the last recession.
“This is well-managed delinquency,” Matt Komos, TransUnion’s vice president of research and consulting, said in an interview. “It’s still healthy. This uptick is not concerning with the amount that credit has been expanding.”
The number of people with access to revolving credit reached a record 200.5 million in the third quarter. That figure was helped by private-label credit card originations, which reversed a 10-quarter slump by posting 2.4% growth, according to TransUnion.
https://www.msn.com/en-us/money/markets/americans-souring-credit-card-debt-poised-to-reach-10-year-high/ar-AAK3gmU?li=BBnbfcN
Following Trump's example. He's the king of debt.
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