Source: https://x.com/KobeissiLetter/status/1858229593909469385
The share of US credit card debt that is delinquent 90+ days jumped to 11.1% in Q3 2024, the highest level since 2011. This is the 5th consecutive quarter of increases, the longest streak since the 2008 Financial Crisis. This share even exceeds the 2020 peak and has been rising at a pace only seen during recessions. At the same time, credit card debt hit $1.17 trillion, a new record. This means a whopping ~$130 billion of credit card debt is on the verge of a default.
And its not even Christmas yet. It has been rising at a pace only seen during - what? Let's keep an eye on this and see where it is in January.
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