Surge in U.S. Credit Card Defaults Reaches Highest Level in 14 Years

In recent months, the United States has witnessed a sharp increase in credit card defaults, reaching a level not seen in a generation. According to the latest data, the default rate for credit cards in the country rose to 2.7% in the third quarter of 2023. This marks the highest level since the third quarter of 2009, raising concerns about the financial stability of consumers amid rising costs and inflation.

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