A new report from Wells Fargo indicates that late payments on credit card balances are rising - and may be a harbinger of recession in the U.S. economy.
are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.63% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.
The New York Fed report also indicated that there has been an uptick in borrowers who are struggling with credit card and auto loan payments. As of June, about 2.7% of outstanding debt was in some stage of delinquency, up slightly from the 2.6% recorded the previous quarter. That remains 2 percentage points lower than the pre-pandemic level.
But the fact that there is any semblance of delinquency rates rising during such a strong labor market is concerning. Experts have warned the rate may begin to climb higher as student loan payments resume in the fall after the Supreme Court struck down President Biden's forgiveness plan.
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