Credit Card Defaults Skyrocket as Americans Unable To Pay Their Debts [Video]

Post author By Curator
Post date December 31, 2024

Defaults on credit cards in the U.S. have spiked significantly in the last year, according to a new report.

Credit card lenders wrote off $46 billion in seriously delinquent loan balances in the first nine months of the year, the Financial Times reported, citing industry data collated by BankRegData.

The amount is up 50 percent from the same period last year and is at its highest level since 2010.

Newsweek has contacted consumer credit research firm WalletHub for comment.

A stock photo shows credit cards. Defaults on credit cards in the U.S. have spiked significantly in the past year, according to a new report.iStock

Why It Matters

The numbers indicate that many Americans are struggling to pay off their credit card debt after years of high inflation.

High prices and economic concerns were a major reason that voters in November chose President-elect Donald Trump, but his threats to impose tariffs on imported goods could further raise prices for …

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