Smaller banks are seeing credit-card delinquencies hit record levels as many consumers exhaust their credit, according to the Wells Fargo Investment Institute.
Smaller banks have seen credit-card delinquencies hit record levels as the tally of debt tops $1 trillion for the first time in history and as many consumers exhaust their credit, according to the Wells Fargo Investment Institute.
Delinquencies on credit cards have been climbing at all banks, regardless of size, since the low delinquency rates during the pandemic that followed a deluge of fiscal and monetary support for U.S. households and businesses.Car-loan delinquencies have been increasing as well. The New York Federal Reserve’s second-quarter household-debt survey indicated that applications for credit cards and car loans have been climbing, but also that more borrowers with lower credit scores have been rejected.
Following a series of ratings downgrades of reginal banks in August by Moody’s Investors Service and S&P Global Ratings, the KBW Regional Banking Index XX:KRX was headed for a seventh straight day of losses on Tuesday and was down 11.1% on the month, according to Dow Jones Market Data.
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