[jeffc]

I guess I am unaware, but 3.2% is “staggering”?

[ChronicMA]

the average interest rate on credit cards has gone up a bunch. Higher defaults should be expected

[newfreep]

"A staggering 3.2% of card balances were at least 30 days past due..."

3.2% is not the interest rate

[L,TOWM]

Loan loss allowances are typically 1.5 - 2% for credit card advances. The bank holding the cards will expense a bad debt allowance on every dollar put on the card. 3.2% is a high level of revolving debt delinquency. And it is another inflationary cost driver — the bank has to charge more somewhere to cover the increased bad debt expense.