up to my eyeballs
Posted on 02/18/2023 9:13:44 PM PST by RomanSoldier19
The two largest banks in the U.S. have reported rising delinquency rates on their credit cards.
Both Bank of America and JPMorgan Chase said in filings with the Securities and Exchange Commission (SEC) that their delinquency rates rose in January, two days after Discover Financial did the same.
Bank of America reported that from December to January, its Master Credit Card Trust II’s delinquency rate rose from 1.03% to 1.09% and its net charge-off rate increased from 1.43% to 1.50%.
JPMorgan Chase said that during those same months, its credit card delinquency rate rose from 0.76% to 0.83% but its net charge-off rate dipped from 1.24% to 1.17%, Seeking Alpha reported Wednesday.
This news came two days after Discover Financial reported that its credit card delinquency rate has been rising each month since May 2022 — reaching 2.67% in January — and its net charge-off rate was the highest it had seen since February 2021 as it hit 2.81% in January.
Other organizations recently reported that they’re seeing rising delinquencies among subprime and near-prime borrowers.
(Excerpt) Read more at pymnts.com ...
Fifty million illegal aliens. The gift that keeps on giving.
How can this be? The animated turnip in the White House says that we are enjoying a rip-roaring economy.
When 40% + of people with the wherewithall to even get credit cards have to use them to buy their daily necessities, it is just a matter of time before the entire credit system collapses.
Before he belonged to Xi, POTATUS belonged to the credit card industry and he made sure they got whatever they wanted,
Dod it start after BLM rise?
People will then have to use wheelbarrows to cart their credit cards to the bakery. Just like in the Weimar Republic.
Regards,
BidenDepression 2023
Yep
And Biden’s continuous lies won’t work
Except only on the terminally-stupid
This is a small tick. The fact is that credit card delinquency rates are at historic lows.
Here’s a chart of delinquency rates for the last 29 years:
https://fred.stlouisfed.org/series/DRCCLACBS
They were running around 4% for a long time, and have been around 2% and below for the last couple of years.
Caused by the bogus COVID lockdown.
Will these globalist banks admit to the increasing CC debt that occurred since the scamdemic?
give it a minute
US credit card debt hit a record high as inflation leaves consumers financially stressed
Adjusted for inflation, it’s less than it was in 2019.
isnt 20% inflationthe point
The didn’t call him the Senator from MBNA for nothing.
This may be just the trigger that President Alzheimers needs to send him to the bottom.
Delinquincies are climbing for credit cards (unsecured loans) and car loans.
Delinquency rate for mortgage loans on the rise
https://www.mpamag.com/us/mortgage-industry/market-updates/delinquency-rate-for-mortgage-loans-on-the-rise-mba/436766
I think it’s more that people have been financing inflation
San Francisco Bay Area Housing Market Crashes, Prices Plunge 35% from Crazy Peak: Where’s Demand Supposed to Come From?
https://wolfstreet.com/2023/02/17/san-francisco-bay-area-housing-market-crashes-prices-plunge-35-from-crazy-peak-where-is-demand-supposed-to-come-from/
Where Households Are on their Credit Card Balances, Credit Limits, Available Credit, Delinquencies, and Collections
https://wolfstreet.com/2023/02/16/where-households-ended-up-with-their-credit-in-q4-credit-card-balances-credit-limits-available-credit-delinquencies-collections/
Shocking Report Shows a Massive Wave of Delinquencies is Threatening to Topple the Banks
by Steve van Metre
https://www.youtube.com/watch?v=Z1GHWzhZGlU&ab_channel=StevenVanMetre
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