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Delinquency rates are rising in various sectors, including autos, credit cards, and offices. While rates are below pre-GFC levels, credit card debt surpassing savings has increased. Credit card delinquency rates are at or above 2019 levels, with 3.5% of card balances past due as of December.
Almost 3.5% of card balances were at least 30 days past due as of the end of December, the Philadelphia Fed said. That’s the highest figure in the data series going back to 2012, and up by about 30 basis points from the previous quarter.
Offices were the only commercial segment where delinquencies kept rising in the first quarter, with rates unchanged for all other sectors. 6.8% of office loan balances were 30 or more days late, an increase from last quarter's 6.5%, per Mortgage Bankers Association.
Delinquency rates continue higher across credit card issuers, most at or above 2019 levels on a 30 or 90 day delinquency rate. Must be all that interest income that is driving a boom… #rates #creditcard https://t.co/indr3qWRHz
