Consumer stress escalates as the share of credit card holders making only minimum payments hit a 12-year high in the third quarter of 2024. The share of credit card holders making minimum payments rose over 10%, continuing an upward trend since 2021, driven by soaring interest rates and rising delinquencies. Credit card delinquency rates climbed more than 3%, more than double the pandemic-era low of nearly 1% in 2021. Rising costs force nearly half of surveyed consumers to rely on credit cards for essentials, risking prolonged debt.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Consumer stress is escalating as the share of credit card holders making only minimum payments
00:06hit a 12-year high in the third quarter of 2024. The share of credit card holders making
00:11minimum payments rose over 10 percent, continuing an upward trend since 2021,
00:15driven by soaring interest rates and rising delinquencies. Credit card delinquency rates
00:20climbed more than 3 percent, more than double the pandemic-era low of nearly 1 percent in 2021.
00:26Rising costs are forcing nearly half of serene consumers
00:29to rely on credit cards for essentials, risking prolonged debt.
00:33For all things money, visit Benzinga.com slash GSTV.