NEW YORK — U.S. consumers are falling further behind on their credit card bills as the economy continues to unravel, setting the stage for record default rates going forward, according to Fitch Ratings.
For the second consecutive month, credit card delinquencies breached all-time highs according to the latest Fitch Credit Card Index results. At January month end, the 60 plus day delinquency rate was 4.04%. The results come amid an unending parade of troubling economic data from surging unemployment to steeper declines home and equity market values.
"Record credit card delinquencies are just the latest sign that U.S. consumers are under considerable levels of stress," said Managing Director and U.S. Consumer ABS head Michael Dean. "The latest numbers point to even higher default rates and worsening consumer credit quality measures in the coming months."
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