Summary
A report by WalletHub shows that credit card delinquencies are rising across the United States due to high living costs and interest rates. Minnesota has the highest increase in delinquencies, while other states like Florida have seen smaller rises. Households are feeling financial pressure, with varied impacts based on local economic factors.
Key Facts
- Credit card delinquency means missing at least the minimum payment for 30 days or more.
- Minnesota experienced a 32.88% increase in credit card delinquencies, the highest in the country.
- Iowa and Kansas also saw significant increases, with Iowa's delinquencies up 31.53% and Kansas up 30.22%.
- South Dakota recorded a 29.92% increase in delinquencies, and Ohio had a 28.65% rise.
- Florida had the lowest increase in delinquencies at 14.79%.
- Household debt in the U.S. is around $18.6 trillion according to the Federal Reserve Bank of New York.
- High inflation and interest rates are key factors in rising financial pressure.
- Some states have stronger economies and lower debt levels, which help them manage delinquencies better.
