It’s hardly news that the American consumer is in a bad way with debt. Numbers out of the New York Fed show that total U.S. consumer debt was nearly $8 trillion in the third quarter of 2024, a record high. Meanwhile, all 50 states saw their average credit scores decline in 2024.
The nationwide decline in credit scores has been accompanied by a surge in credit card defaults, with major U.S. banks reporting a concerning uptick in missed payments. In the third quarter of 2024, credit card delinquency rates at large banks reached levels not seen since 2011, signaling deep-rooted financial struggles across the country.
