Credit card delinquencies rose in the first three months of the year. That's a sign of the growing financial stress some families are feeling in an era of rising prices and high interest rates.
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The New York Fed's report shows the pain is not evenly spread. While many households are on solid financial footing, almost 1 in 5 Americans are"maxed out," using at least 90% of their credit card limit. That's worrisome, the report says, because maxed-out borrowers are much more likely to fall behind on their bills.
"The credit card market is really one of these proverbial tale of two cities," says Ted Rossman, senior industry analyst at Bankrate."You have roughly half of card holders paying in full and getting great benefits like rewards and buyer protections. And then you have the other half more or less who can easily become trapped in an expensive debt cycle."
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