U.S. consumers will fall behind on their personal loan and credit card payments next year at the highest rates since 2010, according to forecasts from TransUnion, a major consumer credit rating agency.
Surging loan delinquencies will follow a year in which consumers loaded up on credit, TransUnion said in a study Wednesday. Americans took out a record 87.5 million in new credit cards and 22.1 million in personal loans in 2022, the report showed.
Despite the economic slowdown, more than half of the 2,800 Americans polled were optimistic about their finances for the next 12 months, TransUnion said. The youngest generations expressed the most confidence.expected Credit card originations will probably slide in 2023 from this year's levels, but delinquency rates could rise to 2.6% at the end of 2023 from 2.1% by year-end, TransUnion said.
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