Millennials Are Helping to Sound the Credit Card Alarm

www.bloomberg.com

Despite a growing GDP and low unemployment, all is not well with the US economy. Young Americans have fallen seriously behind on their payments, adding to angst about the true health of U.S. consumers, with charge-off rates in Q1'19 being the highest in 7 years (charge-offs being the number of loans lenders believe will never get paid off). Second, young Americans are increasingly behind on their card payments, with over 8% of outstanding card debt for 18-29 year olds being over 90 days delinquent, almost 50% higher than it was at the end of 2013.

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