Americans aren't paying off their credit card bills. U.S. credit card balances grew to $868 billion in the second quarter, from $848 billion in the previous three months. That's according to a new report from the Federal Reserve Bank of New York.
Even worse, the proportion of those balances seriously past due is on the rise. Payments on about 5.2 percent of those balances were 90 days overdue in the latest quarter, up from 5.0 percent in the first quarter. The figure has been increasing continuously since 2017.
Credit card debt is the only major area of indebtedness, though, where people are losing ground. Delinquency rates declined for auto loans, home equity lines of credit, mortgages and other debt categories.
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