Credit card losses are rising at the fastest pace in years, according to a report by the Federal Reserve Bank of New York. The report found that credit card charge-offs, which are debts that are considered to be uncollectible, reached $33 billion in the second quarter of 2023, up 18% from the same period a year ago.
Goldman anticipates losses to increase by another 1.3 percentage points to 4.93% from where they presently stand at 3.63%, up 1.5 percentage points from the low.
The rise in credit card losses is being driven by a number of factors, including inflation, rising interest rates, and the expiration of pandemic-era government stimulus programs. Inflation is making it more expensive for consumers to pay off their debts, while rising interest rates are making it more expensive to borrow money. The expiration of pandemic-era government stimulus programs is also having a negative impact on consumers’ ability to pay their debts.
Both customers and lenders are concerned about the increase in credit card losses. Consumers may experience higher interest rates and costs as a result of credit card losses, as well as harm to their credit scores. Credit card losses for lenders can lower their profitability and make it more challenging to lend money to customers.
It is important to make your credit card payments on time and in full. Late payments can damage your credit score and lead to higher interest rates and fees. If you are unable to make a full payment, make sure to make at least the minimum payment.
Although the surge in credit card losses is a serious problem, customers should take precautions to keep themselves safe. You may reduce your risk of credit card losses by using credit cards wisely, making your payments on time, and in whole, and routinely examining your statements.
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