Americans are racking up credit card debt at a pace not seen in decades as inflation continues to pervade the U.S. economy.
Experts say the economy is shifting into a"K"-shaped recovery, with those with higher incomes able to make regular payments and manage their debt loads — while younger and less well-off customers appear more likely to fall behind.
While concerns about a broader U.S. credit crisis aren’t immediate, Rossman said,"if your household is carrying a 20% rate, that’s a big deal at the individual level."that younger credit card borrowers have higher balances than before the pandemic but that the impact on the broader economy from their debt issues may be offset by older borrowers, whose balances are still lower than what they were before the pandemic.
Older and better-off borrowers are more likely to be employed. And Michele Raneri, the vice president of U.S. research and consulting at TransUnion, said the No. 1 indicator of a credit card payer’s being in delinquency is whether he or she has a job.
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