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January 10, 2025

What you need to know about credit card defaults

By ADRIANA MORGA
Associated Press

NEW YORK — Credit card defaults are on the rise for Americans, reaching the highest level in 14 years. U.S. credit card defaults jumped to a record $46 billion from January through September 2024, according to the Financial Times, citing data analyzed by BankRegData.

With high levels of credit card debt and high inflation, many consumers have found themselves unable to cover monthly payments, leading some to default.


 
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