American Banker
Credit card delinquency rates hit a seven-year high in the first quarter largely because many borrowers in their 20s are struggling to keep up with their minimum payments, according to a new report from the Federal Reserve Bank of New York.
In its quarterly report on household debt and credit trends, the New York Fed said that 5.04% of credit card loan balances were at least 90 days past due at March 31, up from 4.72% in the same quarter last year. It marked the first time since 2012 that 90-day delinquencies topped 5%.
For cardholders ages 18 to 29, 90-day delinquencies climbed to 8.05%, up from 7.34% a year earlier and 6.03% in the first quarter of 2015.
