Credit Card Balances 90 Days Late Have Nearly Doubled Since 2022. New Delinquencies Have Not Moved.

While 90-day delinquent credit card balances have nearly doubled since 2022, reaching levels not seen since the Great Recession, a Federal Reserve analysis reveals the situation is more nuanced. New delinquency rates have remained stable since 2024, suggesting most consumers are managing through the difficult period. The increase in 90-day delinquencies appears driven by lenders reporting delinquent debts longer before charging them off, rather than a surge in new defaults. Financial strain is concentrated among those already struggling.