Defaults on credit cards in the U.S. have spiked significantly in the last year, according to a new report.
US credit card defaults jump to highest level since 2010 https://www.ft.com/content/c755a34d-eb97-40d1-b780-ae2e2f0e7ad9
-- Financial Times (@financialtimes.com) December 29, 2024 at 4:06 PM
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Americans spent more on the holidays in 2024, but many didn't have the means to pay
www.scrippsnews.com
... Several recent reports indicate Americans spent more on holiday purchases in 2024, but had to take on debt in order to do so.
Mastercard released its preliminary "Spending Pulse" report Thursday, which excludes car purchases. Mastercard found retail sales increased by 3.8% compared to last year, including sales from November through Christmas Eve.
In the meantime, LendingTree issued a report showing that 36% of Americans took on debt this holiday season. The average American who went into debt took on an average of $1,181. Also, of those who used debt for holiday purchases, 42% said they used credit that has an interest rate of 20% or higher.
The survey also showed that 60% said that they are only going to be making minimum payments, while 40% said that they are going to be paying that debt off over the course of five months or longer. ...
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