Credit Card Delinquencies Spike Past Financial-Crisis Peak at the 4,788 Smaller US Banks – 05.19.2018

Subprime is calling.
In the first quarter, the delinquency rate on credit-card loan balances at commercial banks other than the largest 100 – so at the 4,788 smaller banks in the US – spiked in to 5.9%. This exceeds the peak during the Financial Crisis. The credit-card charge-off rate at these banks spiked to 8%. This is approaching the peak during the Financial Crisis.
A sobering set of numbers the Federal Reserve Board of Governors released this afternoon.
But overall, across all commercial banks, including the largest banks with the largest credit-card loan balances outstanding, the delinquency rate was 2.54% (not seasonally adjusted). This overall rate was pushed down by the largest 100 banks, whose combined delinquency rate in Q1 was 2.48%.

Read more at:Credit Card Delinquencies Spike Past Financial-Crisis Peak at the 4,788 Smaller US Banks

Source: wolfstreet.com