Economy and macroUpdated Yesterday

Credit-card delinquency dips nationally; lower-income areas still fare worse.

The national rate at which credit-card debt became seriously overdue edged down to 6.9% in Q3, according to Axios, but remained above the 5.2% recorded before the pandemic. A separate New York Fed report found rates were still above pre-pandemic levels across neighborhood-income groups, and the gap between the richest and poorest areas had widened since 2022. Over the past year, 10.3% of credit-card balances in the lowest-income neighborhoods became seriously delinquent, compared with 4.4% in the wealthiest.

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