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