Growing Credit Card Debt: A Warning Sign for Investors The four largest U.S. banks have reported a significant increase in credit card expenditures in 2023, continuing an upward trajectory that began in 2020. Notably, JPMorgan Chase observed a 9% increase in credit card spending, reaching $1.2 trillion. This trend is mirrored at other major banks like Wells Fargo, with a 15% rise. More concerning is the growing trend of delayed repayments, as indicated by a 14% jump in unpaid balances at JPMorgan and a 9% increase at Bank of America. These patterns, coupled with rising delinquency rates since 2021, signal potential economic pressures and the need for prudent financial strategies in the years ahead. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts McDonald’s CEO Promises ‘Affordability’ Amid $18 Big Mac Combo Backlash READ MORE Huge debt costs mean climate spending could make emerging nations insolvent READ MORE 56% of Americans can’t afford a $1,000 emergency expense: We are ‘living in a paycheck-to-paycheck nation,’ money expert says READ MORE Real Estate Pain Is Showing Up in an Obscure Investment Product READ MORE Persistent Inflation Challenges Eurozone, Core Prices Higher Than Anticipated READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment
