Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groups to pay their bills. The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter of 2024. That's according to the Federal Reserve Bank of New York.
FILE - A variety of credit cards are shown on Jan. 18, 2024, in Atlanta. Seriously overdue credit card debt is at the highest level in 14 years, and people 35 and under are struggling more than other age groups to pay their bills. NEW YORK — Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groupsthat’s severely delinquent, defined as being more than 90 days overdue, rose to 10.
“You’ll be talking to someone for free, who will listen to you describe your situation,” he said. “You can share your concerns without being judged for falling into difficulty.”Both Lynch and McClary urge borrowers to reach out directly to credit card companies to negotiate interest rates, fees, and long-term payment plans, noting that it’s in the companies’ best interests if you pay before the debt goes into collections.
Silvio Tavares, CEO of VantageScore, a credit score modeling and analytics company, said that delinquencies have now exceeded their pre-pandemic levels, and that
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