The New York Federal Reserve’s latest report sends shockwaves through the financial world as a staggering 12.9% of households in April express fears of falling into delinquency within the next three months. This grim statistic marks the highest level since the tumultuous days of April 2020, heightening concerns about the looming debt crisis. What’s particularly chilling is the sheer volume of debt burdening households today, painting a bleak picture of financial vulnerability on an unprecedented scale.
As families grapple with mounting debt loads, the specter of delinquency threatens to plunge them into a downward spiral of financial distress.
NY Fed: 12.9% of households in Apr believe they'll be unable to make just minimum debt payments and will fall into delinquency over the next 3 months (highest since exactly 4 years ago, Apr '20); what makes this particularly scary is the sheer volume of debt people have today… pic.twitter.com/5o0VsLeQUA
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 13, 2024
CAUTION: Credit card default rate for small lenders have now hit a new record of 7.8%
These levels have NEVER been seen since 1991 pic.twitter.com/y6NNNGMvvZ
— Game of Trades (@GameofTrades_) May 2, 2024