Economy and macroUpdated Yesterday

Delinquency eased nationally, but the income gap remains wide.

There was a little relief in the national figure: the rate at which credit-card balances became seriously delinquent edged down to 6.9% in Q3. But it remained above the 5.2% pre-pandemic rate. The New York Fed says serious-delinquency rates are still above pre-pandemic levels across neighborhood-income groups, and the gap between the richest and poorest areas has widened since 2022. Over the past year, 10.3% of balances in the lowest-income neighborhoods became seriously delinquent, compared with 4.4% in the wealthiest.

1 publisher1 report

Coverage started Yesterday