Last month, Macy’s announced what some suspected to be a canary in the credit coal mine; credit card delinquencies had taken a huge bite out of results in the second quarter. In a call with analysts, execs warned that the resumption of student loan payments could compound the problem.
Now, MarketWatch asks; Is there a subprime credit-card crisis on the horizon?
According to new data from VantageScore, Generation Z, Millennials, GenX and Baby Boomers with a credit score between 300 and 600 (subprime) experienced a delinquency rate of 10.6% (for those 30 – 59 days past due), in July of this year – up from 9.3% last year.
For primer borrowers, the delinquency rate was just 0.15% in July, up from 0.14% in July of 2022.
Time to OUTLAW credit cards !!!! Stop Living above your means !!!!
These cards Ruin more people in this country than anything else Financially !!!!! Got you on the Hook !!!!!!
Bankruptcy is the ONLY way Out once Credit cards get ahead of You !!!! FACT Better Off with NO CARDS !!!!!
I don’t have any credit cards, own my vehicles and home, and live on what I make. It took a long time to get to this point, but besides taxes, I owe nothing at all. If more did this, we might not be in the shape we are now. Unfortunately, hard work and living within your means are not valued at all.