HERE’S WHAT YOU NEED TO KNOW ABOUT CREDIT CARD DEFAULTS

Credit card defaults are on the rise for Americans, reaching the highest level in 14 years. U.S. credit card defaults jumped to a record $46 billion from January through September 2024, according to the Financial Times, citing data analyzed by BankRegData. With high levels of credit card debt and high inflation, many consumers have found themselves unable to cover monthly payments, leading some to default. A borrower goes into default when they miss credit card payments for over 180 days, roughly six months. When there is a failure to pay over such a long period, banks generally take this as a sign that a borrower won’t pay the debt anymore, said Matt Sotir, financial advisor with Equitable Advisors based in New Hampshire. Defaulting on credit card debt can have serious…

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Apple - 1 Issue, #690

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