Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessCredit Card Losses Highest Since 2008 Great Recession, Fed Reserve says Americans...

Credit Card Losses Highest Since 2008 Great Recession, Fed Reserve says Americans owe over $1 trillion

Add to Favorite
Added to Favorite

Credit card losses are mounting at a rate that is reminiscent of the rise during the Great Depression of 2008. Many American consumers are increasing the number of loans taken by them. Credit card losses are increasing, and this could continue to increase through 2024 and beyond.

Credit card losses are at 3.63 percent and might climb up to 5 percent according to analysts at Goldman Sachs. Losses were at 2.13 percent in September 2021 and this 1.5 percent gain is similar to what was historically seen during the Great Recession of 2008.

In a Friday note Ryan Nash, who is an analyst at Goldman Sachs, said that it was “unusual for losses to rise outside of an economic downturn.”

The analyst said that the current cycle is like what was seen in the late 1990s and quite similar to what was seen between 2015 to 2019. During these time periods “losses increase following a period of strong loan growth and has seen similar pace of normalization thus far this cycle.”

Organic Greek Vitamin Bottles and Multivitamin Gummies

There have been five credit card loss cycles. Three of them—early 1990’s, early 2000’s and the 2008 Great Recession took place during recessions. Two credit card loss cycles took place in mid-nineties and between 2015 and 2019.

Goldman Sachs said that it expects Capital One and Discover to face the highest losses. It also estimated that Synchrony and American Express would see credit card losses extending to 2025.

On August 8, 2023, the New York Fed released data that stated that the Total Household Debt had reached $17.06 trillion in the second quarter of this year. The Federal Reserve Bank of New York’s Center for Microeconomic Data also said that credit card debt in the U.S. was over $1 trillion. Credit card balances had increased from $986 billion in the first quarter of 2023 to $1.03 trillion in the second quarter of the year.

Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs. Become a  WebFans  Creator and Influencer.

Subscribe to get Latest News Updates

Latest News

You may like more
more

U.S. House Votes to Allocate $3 Billion to Remove Chinese Telecom Equipment

The U.S. House of Representatives is preparing to vote...

ECB December Meeting Preview: Rate Cuts and Revised Projections in Focus

The European Central Bank (ECB) is expected to reduce...

Weekly Upgrade Round-Up: Major Analysts Boost Market Sentiment for Key Stocks

This week saw several prominent companies receive notable upgrades...

Gucci Faces Uphill Battle as 2025 Approaches: UBS Analysts Skeptical

Gucci, the flagship brand of Kering (EPA:PRTP), remains a...