Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy

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The Federal Reserve hiked its key interest rate rate to a 23-year high to combat four-decade high inflation, which peaked in June, 2022 at 9.1%. Those rate increases made borrowing more expensive on mortgages, auto loans and credit cards. Wall Street has so far brushed off concerns about rising credit debt levels and payment struggles, forecasting earnings growth to accelerate from 5.6% in the first quarter to 17.1% by the fourth quarter.

The Fed is now faced with the prospect of inflation remaining stubbornly high around 3%, above its target of 2%. The mix of high inflation, expensive borrowing rates and a slowing economy has thrown more doubt around the central bank's ability to tame inflation without causing a recession.

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Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economyConsumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. The share of credit card debt that’s more than 90 days overdue rose to 10.
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Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economyConsumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending.
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