U.S. consumers racked up credit-card debt in Q2 twice as fast as at any time since the recession – and credit-card charge-off rates appear to be headed up too, according to new data from the.
Investors flew into panic this week about the health of credit card companies, interpreting a slight rise in default. low charge-off rates-there’s only one way they can go, and that’s going to be.
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CardHub also expects consumers to default on $30.53 billion in credit card debt during 2014. If that happens, consumers will have defaulted on nearly $300 billion in credit card debt since 2009.
CardHub released its third quarter 2014 Credit Card Debt Study, which revealed both good and bad news for consumers and the economy overall. consumer credit card debt statistics – an indicator of.
Credit card default rates are rising at Synchrony Financial, Capital One and even American Express-and it’s a sign of a healthier economy.. Why Rising Credit Card Defaults Could Be Good for.
Indeed, credit card debt has surged in the last two years, CardHub found. Last year’s $57.1 billion in new card debt is a jump of 47 percent compared with 2013 and a 55 percent leap from 2012.
Net credit card debt rose billion for U.S. consumers last year, and there’s both good and bad in that trend, according to credit card research site CardHub. As an indicator of spending and household financial health, the increase "supports the notion of a rapidly improving economy," according to the report.
Further proof that credit card debt and general indebtedness are heading in the wrong direction comes from a recent study on credit card debt from CardHub. According to the study, consumers ended 2014 with a $5.71 billion net gain in credit card debt, which means we’ve now seen six consecutive quarters of increasing credit card balances as a nation.
Those with fair credit typically have credit scores in the mid-600s, from a range of 300 to 850. "Credit card interest rates were higher across the board during the first three months of 2014 relative to the same period last year – rising an average of 2.12 percent on a year-over-year basis," CardHub said in the report.
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