When the economy is going well, people buy a lot on credit and keep current with their credit card debt. When the economy stinks, people still buy a lot on credit but fall behind in their payments. By that measurement, we're in a lot of trouble. The Federal Reserve Bank of Philadelphia published a study showing that the rate of credit card delinquencies — 30, 60, and 90 days past due — rose to a level not seen since 2012. And it gets worse. "Fourth quarter 2023 featured the worst card performance in the series," the report said. "All stages...
