Credit Card Performance Worsened to Historical Levels in Q4 2023

Via the Philadelphia Federal Reserve Bank. Highlights: "Credit card performance further deteriorated at the end of 2023, with firms recording the worst 30+, 60+, and 90+ account-based days past due levels in the reporting series." "Stress among cardholders was further underscored in payment behavior, as the share of accounts making minimum payments rose 34 basis points to a series high from last quarter’s reading. The share of accounts making full balance payments did tick up 8 basis points in the fourth quarter, but the 3.1 percent increase in revolving balances implies higher card balances among a smaller group of revolvers." "...current credit scores at the 10th and 25th percentiles of cardholders decreased to their lowest levels since the first quarter of 2020, indicating further performance deterioration could be on the horizon."

It's all pure corporate greed and clearly proven by recent data from the St. Louis Federal Reserve. (The source for serious investors.) Profit and profit margins are way up. There aren't and hasn't been 'supply issues'. Anyone talking about natural 'inflation' at this point is just willfully ignorant or outright lying to the public on purpose. Oil companies posting record profits also means gas prices are not up due to anything other than greed. We're now producing more oil than anyone else in the world, and they're bragging about it to investors. More drilling permits in use today than at any point in U.S. history, yet some people are out there saying we need more drilling? It can't be any more clear now that all these completely unnecessary high prices are pushing people to put more on their credit cards. People are hurting out there. It makes me sick that people try to point the finger anywhere other than corporate board rooms.