Rising Costs Push Nearly 9% of Credit Card Balances into Delinquency

An increasing number of Americans are struggling to keep up with credit card payments, with 8.9% of balances falling into delinquency over the past year, according to the Federal Reserve Bank of New York. Rising costs and high interest rates are putting pressure on consumers, especially those under 30 and in low-income neighborhoods. Nearly 20% of cardholders are “maxed out,” using 90% or more of their credit limit, which significantly raises the risk of falling behind on bills.