Latest data from the Federal Reserve, published yesterday in G-19: In November, credit card debt in the US increased by 11 billion to $1.023 trillion, breaking the all time record before the recession, for April 2018.
We’re not getting any better at paying off those bills, either. Credit card delinquencies in the past year have jumped from 7% to 7.5%. That’s notably lower than the 15% rate hit before the financial crisis, but could be an early warning sign, say credit strategists.
You will find more insight into 2018 in the Complimentary Mercator Advisory Group 2018 Credit Outlook which can be accessed here.
Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group
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